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