S. Korea raises
minimum wage for 2017
2016/07/16 09:53
SEOUL, July 16 (Yonhap) -- South
Korea's minimum wage has been set at 6,470 won (US$5.70) per hour for next
year, up 7 percent from this year, the labor ministry said Saturday.
The new minimum
wage translates to 51,760 won a day for those who work eight hours a day and
some 1.35 million won a month for those who work 209 hours a month.
The Ministry of Employment and
Labor said the pay raise will affect an estimated 3.36 million workers in the
nation.
The decision made by a trilateral
council of representatives from labor, management and the general public was
reached amid discord between labor and management.
All nine representatives from
labor left the meeting on Friday night, showing discontent over the rate of
increase.
"We expected a double-figure
pay rise, if not 10,000 won," said the Federation of Korea Trade Unions.
"The decision does not take into consideration those suffering due to a
low income."
The Korea Employers' Federation,
meanwhile, said the 7.3 percent raise will only put more burden on smaller
companies with tough economic conditions
The labor ministry, which
oversees the council, is set to formally announce the minimum wage for next
year on Aug. 5, after a 20-day objection period for both labor and management.
Park Joon-sung, the chairman of
the minimum wage council, announces the country's minimum wage for next year at
the government complex in Sejong on July 16, 2016. The new minimum wage will be
raised by 7.3 percent to 6,470 won (US$5.70) per hour. The council is
represented by the government, management and labor. (Yonhap) Park Joon-sung,
the chairman of the minimum wage council, announces the country's minimum wage
for next year at the government complex in Sejong on July 16, 2016. The new
minimum wage will be raised by 7.3 percent to 6,470 won (US$5.70) per hour. The
council is represented by the government, management and labor. (Yonhap)
PER HOUR: 6,470.00 KRW = 273.10
PHP
8HOURS/DAY: 51,760.00 KRW = 2,184.79 PHP
209HOURS/MONTH : 1,352,230.00 KRW = 57,077.63 PHP