A trilateral council of government, labor and management representatives agreed to raise South Korea’s minimum wage for next year (2014) by 7.2 percent to 5,210 won (US$4.57) per hour from current 4,860 won per hour.
Under the agreement, the monthly salary of those who work 40 hours a week will rise to 1.08 million won. The increase is expected to benefit roughly 2.56 million workers in the country struggling with low income.
"The 7.2 percent increase takes into account diverse factors such as the real-term economic growth rate and inflation," said the council chief Park Jun-seong.
The Ministry of Employment and Labor is scheduled to fix the minimum wage by August 5, 2013, after announcing details of the agreement next week.