[KOREAN ECONOMIC NEWS] Good morning, everyone. I’m Byeongyeon Yoo staff of Kamaindia Pvt. Ltd.
Here I have an important Korean economic news to share with you which is as undermentioned.tioned.
Different views have been raised over whether a sharp increase in the minimum wage will result in a significant loss of jobs down the road.
Korea’s minimum wage, which is applied across all regions and sectors, is set at 7,530 won per hour ($6.95) for 2018, up 16.4 percent frm last year. It marks the first double-digit increase in more than a decade.
The Minimum Wage Commission, comprising members who represent the government, employers and labor groups, last year agreed on the steep increase, affected by President Moon Jae-in’s campaign pledge to raise the wage floor to 10,000 won by 2020.
Kamaindia Pvt. Ltd.
Have a nice day.