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Aug 1, 2013

Minimum Wage to Increase in Korea to KRW 5,210

The minimum wage in Korea has increased by over 7%.  The new minimum wage is now set at KRW 5,210 which equates to KRW 41, 680 per day or KRW 1.08 million per month.  Korea's Ministry of Employment and Labor statistics indicate that 2.56 million workers are paid, only, the minimum wage.
 
Unions were pushing for a 21.6% rise in the minimum wage, while business lobbies were calling for a wage freeze.   The largest number of individuals being paid the minimum wage are in service and light manufacturing.
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SeanHayes@ipglegal.com

IPG is engaged in projects for companies and entrepreneurs doing business in Bangladesh, Cambodia, China, Korea, Laos, Myanmar, the Philippines, Vietnam and the U.S.

www.ipglegal.com