|▲ The Minimum Wage Council(chaired by Prof. Ryu Jang-soo) holds the 11th plenary session on the afternoon of Jul.5 at the Government Complex Sejong.(provided by the Federation of Korean Trade Unions)|
The deadline to determine the hourly minimum wage rate for the year 2019 is July 14, just one week away. A tug of war between the labor circle and the business circle becomes more exciting. The labor circle wants to make up for the reduced effect of the minimum wage increase due to the expansion of the minimum wage components made through the amendment to the Minimum Wage Act, whereas the business circle insists on the moderation of the minimum wage citing the steep raise of the minimum wage this year. The workers' members of the Council made an initial proposal to raise the hourly minimum wage rate to 10,790 won(US$9.63), taking into account the expanded components of the minimum wage. However, the employers' members came up with a proposal to freeze the hourly rate at 7,530 won(US$6.72) for the year 2019, same as the hourly rate for this year.
reported by Lee Eun-young
translated by Kim Sung-jin
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