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(LEAD) S. Korea to raise minimum hourly wage for next year by 16.4 pct

2017/07/15 23:36

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(ATTN: UPDATES with decision; CHANGES headline)

SEJONG, July 15 (Yonhap) -- South Korea's minimum wage for next year was set at 7,530 won (US$6.64) per hour, up 16.4 percent from this year, officials said Saturday.

The decision came after last-minute negotiations among representatives from labor and management before a deadline.

This year's minimum wage, mainly used for part-time workers, was 6,470 won per hour, up 7 percent from a year ago.

The minimum wage level is the lowest possible pay a local worker is lawfully entitled to receive.

A trilateral council of representatives from labor, management and the general public set the minimum wage for next year after about three months of negotiations.

The agreement was reached by the Sunday deadline because a law requires the government to have a 20-day objection period before formalizing the minimum wage on Aug. 5.

President Moon Jae-in has promised to increase the minimum wage to 10,000 won per hour before his five-year term ends in May 2022.

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angloinfo.com