Korea's minimum hourly wage will increase 7.1 percent to W5,580 next year (US$1=W1,014). That translates into W1,166,220 per month for a full-time worker.
A committee in the Ministry of Employment and Labor decided on the amount in a marathon meeting from Thursday to Friday. The increase is similar to the 7.2-percent hike in 2014.
The labor minister has to make a final decision by Aug. 5 after a period when objections can be raised. The minimum wage affects around 2.67 million workers here.