Minimum Wage to Be Raised to W6,030 Next Year

Korea's minimum wage for next year has been set at W6,030 an hour, up 8.1 percent from this year (US$1=W1,137).

Business leaders and labor representatives reached the deal at a meeting late Wednesday that was attended by 16 members of government bodies and employers' associations.

All nine labor union members walked out of the vote in opposition. They had been pushing for a slightly higher amount. In their absence, 15 of the 27 members voted in favor of the agreed deal.

The employment and labor minister will finalize the minimum wage by Aug. 5.