June 21, 2021 12:19
Employers are demanding a freeze of the minimum wage while they try to absorb the impact of recent massive hikes.
The Korea Enterprises Federation said Sunday there is no reason to raise the minimum wage at all next year from the current W8,720 (US$1=W1,130).
"Last year's minimum monthly wage of W1.8 million is already close to the median cost of living for unmarried single workers of W1.85 million," the federation said. "Given that the goal of setting the minimum wage is to guarantee the livelihood of low-wage workers, there is little ground to raise it."
"Many businesses are still suffering from the drastic hikes of the minimum wage," it added.
The minimum wage jumped by a whopping 16.4 percent in 2018 and 10.9 percent in 2019.
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