Labor Groups Demand 16.3% Minimum Wage Hike to 12,000 Won for Next Year
En resumen
- South Korean labor unions are demanding a 16.3% increase in the minimum wage to 12,000 won for next year, citing inflation.
- The Minimum Wage Commission is set to decide on the rate, with business circles expected to propose a freeze or smaller hike.
Resumen generado por IA
Por qué importa
Labor groups in South Korea are demanding a significant increase in the legal minimum wage for the upcoming year, citing concerns over inflation outpacing wage growth.
SEOUL, June 15 (Yonhap) -- Labor groups on Monday demanded a legal minimum wage of 12,000 won (US$7.90) next year in what would be a 16.3 percent increase from this year's rate.
The country's two umbrella labor unions -- the Federation of Korean Trade Unions and the Korean Confederation of Trade Unions -- disclosed their first minimum wage proposal during a press conference, saying the average increase of the past three years was less than the average inflation rate over the same period.
The minimum wage is set each year by the Minimum Wage Commission, which is made up of labor, business and public interest representatives.
The commission has been meeting regularly since April to decide on next year's rate, with the sixth plenary session scheduled to take place Tuesday.
This year's minimum hourly wage is 10,320 won, up 2.9 percent from last year.
The business circle has yet to announce its proposal, but market observers expect them to call for a freeze or a smaller increase.
Qué observar
Perspectiva de IA — posibilidades, no hechos
Minimum Wage Commission to approve a wage increase lower than labor's demand but higher than business's expected proposal.
Probable · En días
Preguntas abiertas
- Will the Minimum Wage Commission approve the labor groups' proposal?
- What will be the business sector's final proposal?
- What will be the final agreed-upon minimum wage for next year?
