Minimum wage to be hiked by 6.1% next year
The country's minimum wage will be increased by 6.1 percent from next year.
This would bring the minimum hourly wage to 4,860 won or about 4 dollars 25 cents.
The decision was made by the Minimum Wage Council comprising representatives from the government, labor and management on Saturday.
The rise will hike the monthly salary of those who work 40 hours a week to a little more than 1 million won, or about 890 dollars.
The minimum wage increase will be nearly three times higher than the current inflation rate.
It is expected to benefit roughly 2.6 million low-income workers.
The Ministry of Employment and Labor is expected to formally approve the proposal by August 5th after announcing details of the agreement next week.
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