The Minimum Wage Commission, made up of members representing the public interest, business and labor, set the hourly minimum wage for 2024 at 9,860 won (7.8 U.S. dollars), up 2.5 percent from this year's 9,620 won (7.6 dollars).
Assuming that an employee works 40 hours a week, the 2024 monthly minimum wage amounted to 2,060,740 won (1,625 dollars), higher than this year's 2,010,580 won (1,585 dollars).
The labor side claimed a double-digit increase in the minimum wage, citing high inflation, while the business side called for a wage freeze due to an economic slump.
The country's minimum wage rose 10.9 percent in 2019, 2.87 percent in 2020, 1.5 percent in 2021, 5.05 percent in 2022 and 5.0 percent in 2023 each.
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