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Next Year's Minimum Wage Set at 8,720 Won in 1.5% Rise

Write: 2020-07-14 08:27:33Update: 2020-07-14 19:01:13

Photo : YONHAP News

Next year's minimum wage has been set at eight-thousand-720 won per hour, up one-point-five percent from this year. 

The Minimum Wage Commission, the rate-setting body comprised of nine representatives each from labor, business and the general public, made the decision early on Tuesday.

As labor and management failed to come up with unified proposals, representatives from the general public proposed the one-point-five percent increase.

The proposal was passed by a vote of nine to seven. The vote was attended by seven members from business and nine from the general public, while all of the nine representatives from labor did not attend.     

With the rise of 130 won from this year's minimum wage, a full-time minimum wage worker will earn one million-822-thousand-480 won per month next year. 

The one-point-five percent rise is the smallest since minimum wage was introduced in 1988. The second smallest was two-point-seven percent in 1998 during the financial crisis.

The commission is required to present the new minimum wage to the labor minister, who then must announce it publicly by August 5. The new wage would then take effect on January 1.

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