South Korea's minimum wage has been set at 5,580 won ($5.40) per hour for next year, up slightly over 7 percent from this year, the labor ministry said Monday.

In late June, a trilateral council of government, labor and management representatives agreed to raise the country's minimum wage for 2015 by 7.1 percent from the current 5,210 won per hour.

The hourly wage translates to 44,640 won a day for those who work eight hours a day and 1.16 million won a month for those who work 209 hours a month.

The pay raise will affect the nation's estimated 2.66 million workers struggling with low income, according to the council.

The minimum wage rose 2.75 percent on-year in 2010, 5.1 percent in 2011, 6 percent in 2012, 6.1 percent in 2013 and 7.2 percent in 2014. (Yonhap)