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South Korea confirms 2020 minimum wage at W8,590

새해 최저임금 8590원…만 7세 미만 모두에 아동수당

South Korea confirms 2020 minimum wage at W8,590

 

The Ministry of Employment and Labor legally set the figure of the minimum wage for 2020, sticking with the recommendation of the Minimum Wage Commission last week. It added that when factoring in the minimum wage to the 209 working hours every month, the monthly salary would come to 1.7 million won. The 2.9 percent raise from this years minimum wage is the third-lowest margin of increase and has faced significant opposition from labor groups.

 

A single-digit increase was widely anticipated as President Moon Jae-In has signaled flexibility amid backlash from smaller firms and merchants over steep hikes.

 

The minimum wage is the lowest possible pay a local worker is lawfully entitled to receive.

 

Initially, the labor sector proposed 10,000 won for next year, which represents an 19.8 percent increase from this year's minimum wage.

 

However, business circles proposed a 4.2 percent cut to 8,590 won, inviting an angry reaction from labor. It was the first time that the business circle demanded a cut in the minimum wage since 2009, when it proposed a 5.8 percent decrease to cope with the global financial crisis.

 

In his election pledge, President Moon vowed to raise the minimum wage to 10,000 won by 2020. But he has signaled the need to slow its growth pace amid an economic slowdown and tepid job growth. However, it will apply across all industries and take effect starting Jan 1st next year.

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