Minimum Wage Council kicks off negotiations for 2017
The Minimum Wage Council held its first plenary meeting on 7 April. Its next planned plenary meeting will be held on 2 June, with 28 June being the deadline for determining next year’s minimum wage.
Labor circles are demanding the minimum wage be raised to KRW 10,000 (USD 8.82) per hour for 2017, which is an increase of 65.8%p from 2016, which is KRW 6,030 (USD 5.32).
[Table 1] Minimum Wage over the Past 5 Years
|
2016 |
2015 | 2014 | 2013 |
2012 |
|
|
Minimum wage per hour |
KRW 6,030
(USD 5.32) |
KRW 5,580
(USD 4.92) |
KRW 5,210
(USD 4.59) |
KRW 4,860
(USD 4.28) |
KRW 4,580 (USD 4.04) |
|
YOY increase |
8.1%p | 7.1%p | 7.2%p | 6.1%p |
6.0%p |
On top of this, it is expected that debate in the Minimum Wage Council over adjusting wage elements counted in minimum wage and setting different minimum wages by region or industry will become more heated.