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| ▲ Park Joon-Shik (L), chair of the Minimum Wage Commission, and a commission member part ways after a meeting to set the final minimum wage for 2023, in this file photo taken in June 2022. (Yonhap) |
minimum wage-demand
Labor sector demands 25 pct minimum wage increase to 12,000 won for 2024
SEOUL, April 4 (Yonhap) -- Labor representatives demanded Tuesday that next year's minimum wage be set at 12,000 won (US$9.12) per hour, a nearly 25 percent increase from this year's 9,620 won.
The country's two biggest umbrella labor unions -- the Federation of Korean Trade Unions and the Korean Confederation of Trade Unions -- unveiled the demand in a press conference, saying high inflation and aggressive interest rate hikes in foreign countries warrant a higher minimum wage.
The demanded hourly minimum wage translates into a monthly wage of slightly over 2.5 million won.
The Minimum Wage Commission, which is composed of nine members each from labor, business and the general public, is scheduled to meet in early April to set next year's minimum wage upon a request from the labor minister.
The nine labor representatives often come from the two umbrella labor unions.
Within 90 days of the minister's request, the commission is required to submit the minimum wage it set to the labor minister who, in turn, has to put up a public notice of the final minimum wage by Aug. 5.
The unions accused the commission of brushing aside their minimum wage proposals over the past two years, demanding, "This year's review process should be carried out in accordance with the minimum wage system's original aim to help stabilize the livelihoods of workers."
The 2023 minimum wage of 9,620 won represents an increase of 5 percent from the previous year's 9,160 won.
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