Most Popular
-
1
Dongduk Women’s University halts coeducation talks
-
2
Defense ministry denies special treatment for BTS’ V amid phone use allegations
-
3
Russia sent 'anti-air' missiles to Pyongyang, Yoon's aide says
-
4
OpenAI in talks with Samsung to power AI features, report says
-
5
Two jailed for forcing disabled teens into prostitution
-
6
Trump picks ex-N. Korea policy official as his principal deputy national security adviser
-
7
South Korean military plans to launch new division for future warfare
-
8
Gold bars and cash bundles; authorities confiscate millions from tax dodgers
-
9
Kia EV9 GT marks world debut at LA Motor Show
-
10
S. Korea not to attend Sado mine memorial: foreign ministry
[THE INVESTOR] The Ministry of Employment and Labor announced on Aug. 5 that it has finalized the minimum wage for next year at 6,470 won (US$5.83) per hour, up 7.3 percent from 2016.
Calculated on a standard of eight working hours a day, the daily minimum wage rate is 51,760 won and on a 40-hour-a-week basis (including one paid day off), 209 working hours a month, the monthly rate comes to 1,352,230 won, the announcement added, further clarifying the rights and duty for employees and employers.
The increase rate is almost double that of comparable workers (3.7 percent) reflecting the government’s will to lessen the gap in labor market despite the economic hardships, the ministry explained.
The act would affect about 3.37 million workers, 17.4 percent of the entire work force, the government estimates. To better enforce the minimum wage, it will “closely monitor the employment conditions while actively support employment and supervise the sites,” said Jeong Ji-won, a labor standards policy department official.
By Hwang You-mee (glamazon@heraldcorp.com)
