① Minimum Wage Trends
The rate of increase in basic wages this year was 3.4% (aggregated rate as of February 2014), and the increase rate for collectively-bargained wages* was 2.7% (aggregated rate as of February 2014). The aggregated total of average wages was ￦3,360,000 ($3,281US), an increase of 3.4% from ￦3,250,000 ($3,174 US) one year ago.
* The increase rate of collectively-bargained wages is the rate which is prearranged by agreements between labor and management in workplaces with 100 or more workers, and is distinguished from the increase rate of basic wage which is actually paid to workers.
[Table 1] Major Statistics on Wages
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2011
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2012
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2013
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2014
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Wage
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Increase in the Rate of Collectively-bargained Wages
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5.1%
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4.7%
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3.5%
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2.7% (Aggregated as of March)
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|
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Increase in the Rate of the Basic Wage
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1.0%
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5.3%
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3.9%
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3.4% (Aggregated as of February)
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Total of Average Wage per Month (per person)
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￦2,840,000
$2,773 US
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￦2,950,000
$2,881 US
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￦3,110,000
$3,037 US
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￦3,360,000
$3,281 US
(Aggregated as of February)
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||
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Manufacturing Industry
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￦3,030,000
$2,959 US
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￦3,160,000
$3,086 US
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￦3,370,000
$3,291 US
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￦3,910,000
$3,818 US
(Aggregated as of February)
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Note: 1) The increase in nominal rate refers to YOY rate for workplaces with 5 or more employees
2) The increase rate for collectively-bargained wages is for workplaces with 100 or more employees. The aggregated percentage of companies which concluded wage bargaining is only 1.9% as of March, and thus not statistically significant. (Source: Ministry of Employment & Labor, ‘Wage Determination Status,’ and ‘Business Labor Force Survey’)
Minimum Wage Solidarity, a pro-labor consultative body with the FKTU, KCTU and civic groups, demanded an increase in minimum wage of 28.6% on 11 April. Irrespective of this, determining the minimum wage this year will be difficult since business, including the KEF, is aiming for a stable minimum wage.
[Table 2] Minimum Wage for 2014.1 ~ 2014.12
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Hourly Wage
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Daily Wage
(for 8 hours)
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Monthly Wage
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Rate of Increase
|
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209 Hours
(40 hours/week)
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226 Hours
(44 hours/week)
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￦5,210
$5.09 US
(￦4,860
$4.75 US)
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￦41,680
$40.7 US
(￦38,880
$38.02 US)
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￦1,088,890
$1,065 US
(￦1,015,740
$993.29 US)
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￦1,177,460
$1,151.44 US
(￦1,098,360
$1,074 US)
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7.2%
(6.1%)
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Note: ( ) refers to the minimum wage for 2013