PM Lee and ministers approve revisions to S. Korea's Minimum Wage Act
  • 5 years ago
이총리 "최저임금 추가 인상 아니다"...경영계, 최저임금 시행령안 의결에 반발

The government voted to increase the nation's minimum wage by almost eleven percent in 2019.
Criticisms and complaints are sure to follow as it's been a controversial issue in the private sector.
Cha Sang-mi explains further.
The Cabinet has voted to raise South Korea's minimum wage in the new year by 10-point-9 percent.
That'll bring the minimum wage from the current 6 U.S. dollars and 80 cents... to seven and a half dollars.
That measure was approved today in the Cabinet's last meeting of the year, led by Prime Minister Lee Nak-yon.
To calculate wages, monthly pay is divided by the number of working hours.
Workers get basic pay plus eight paid hours of weekend work, which Korean companies give to employees who do a normal five-day week.
Under the new formula, that extra weekend work will be added to the standard monthly hours.
The math works so that companies will have to boost *basic pay*... to meet the minimum wage.
"The revision to the ordinance is simply implementing the old administrative explanation, not an additional hike to the minimum wage. The contentious weekend pay ihas been in place since 1953 -- for 65 years."
Acknowledging the greater burden on employers, who will have to pay more, the PM vowed to waive card processing fees, give them work grants and establish a job stability fund.
There's been pushback from smaller businesses, though, who fear they'll struggle to meet payroll, as the government raised the minimum wage this year too... by 16-point-4 percent.
Cha Sang-mi, Arirang News.
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