July 05, 2010 11:21
Next year's minimum wage has been set at W976,320 per month based on 44-hour week, up 5.1 percent from this year (US$1=W1,229).
A committee of nine members each from the labor, employers and government sides in a meeting on Saturday decided to raise the minimum hourly wage 5.1 percent from the current W4,110 to W4,320 next year. The rise is to affect around 2.34 million workers.
All the nine members from the employers' side walked out in protest against the compromise amount proposed by the government as it was put to vote, saying the hike is too high. But the rest passed it with 16 votes in favor and two against.
The minimum wage is applied to all businesses and those violating the regulation are subject to a jail sentence of up to three years or a maximum fine of W20 million.
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