According to the comparative analysis on the minimum wage policies replied to the Minimum Wage Solidarity by the presidential candidates, Moon Jae-in of the Democratic Party of Korea and Sim Sang-jung of the Justice Party proposed the 10,000 won(US$8.75) minimum wage per hour by 2020, while Ahn Cheol-soo of the People's Party and Hong Joon-pyo of the Korea Liberty Party wanted more time to realize it by 2022. Kim Sun-dong of the People's United Party is the only presidential candidate who agreed to 10,000 won by 2018, but Yoo Seung-min of the Bareun Party did not send the reply.

To realize the 10,000 won(US$8.75) minimum wage by 2020, the wage should be raised with the average increase rate of 15.7%. In this case, the minimum wage for 2018 will be 7,486 won(US$6.55) and 2019 with 8,661 won(US$7.54) and 2020 with 10,020 won(US$8.77). On the other hand, in case of the delayed time schedule by 2022, the average hike rate will be 9.1%.

During ten years of the previous two liberal governments led by President Kim Dae-jung and President Roh Moo-hyun, the average minimum wage increase rates were 9% and 10.6% respectively.

reported by Bae Hye-jeong
translated by Kim Sung-jin