In an article Prof.Bang Joon-shik, of Youngsan University Law School noted that 'Minimum Wage Council' failed to come up with a minimum wage for the year 2012. He came up with a few suggestions as to why the reform in the current system is required and the reasons why, he support a slightly different approach which is borrowed from Japan and the US. His insightful artcile can be read here in detail.
2011's minimum wage was set at 4,320 KRW (4$) per hour.
One can visit the Ministry of Labor and Employment website to get the latest updates!
To settle a minimum wage issue has always been a hot issue since it has considerable influence on the overall employment market and domestic economy. Last year, after an intense tug-of-war, the hourly minimum wage was set at 4,320 won, up about 5.1 percent rise from the previous year’s 4,110 won. Employers are calling for a 30 won raise from this year’s 4,320 won ($4) per hour and workers are demanding a 1,000 won (1$) hike. The amount applies to all workplaces hiring more than one employee. Those who pay below the minimum wage face penalties of either up to three-year imprisonment or up to 20 million won (20,000 USD) fine.
NOTE:
As of July 13, 2011 - a 6% increase in minimum wage has been finalized. For details read here.
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