14 Jul '18, 5am

South Korea to raise minimum wage by 11%

SEOUL: South Korea on Saturday (Jul 14) decided to raise the minimum wage by 10.9 per cent to 8,350 won (US$7.40) an hour next year but a small-business group said it would refuse to implement the reform as its members were already grappling with a slowing economy. South Korea's labour-friendly President Moon Jae-in has pledged to raise the minimum wage by 55 per cent to 10,000 won per hour by 2020 as part of efforts to boost consumption and growth. Advertisement After a 19-hour-long meeting ending on Saturday, the Minimum Wage Commission agreed on the wage increase, which was smaller than this year's 16.4 per cent rise, amid worries about weak job growth. South Korea added a monthly average of 142,000 jobs between January and June this year, the slowest growth seen since the 2008-09 global financial crisis, according to Statistics Korea. A lobby group representing small b...

Full article: https://www.channelnewsasia.com/news/business/south-korea...

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