Minimum wage set at 6,470 won for 2017
내년 최저임금 시간당 6천470원... 7.3% 올라 The minimum wage for next year here in Korea has been finalized. It's up more than seven percent from this year... but experts note that doesn't necessarily mean better living standards for wage workers. Kim Min-ji reports. Six-thousand-four-hundred-70 won -- or roughly five U.S. dollars and 80 cents. That's the minimum wage in Korea starting next year. It means workers will earn about 46 dollars a day,... or 12-hundred dollars a month,... if they work eight hours daily. Since President Park Geun-hye took office in 2013,... the minimum wage has been on a steady rise,... but next year's figure slowed from the eight percent hike for this year. Despite an uptick,... Korea's minimum wage level sits in the lower end of the ladder. Korea's minimum wage stood at 5 dollars and 40 cents for 2015,... while the OECD average was 6 dollars and 60 cents. The highest was Luxembourg,... followed by Australia and France. Still, Korea's hike in minimum wage has been one of the fastest growing. Neighboring Japan, for one, recently decided on a hike of three percent. However, the increase hasn't necessarily translated into better living conditions for Korean wage earners. "The minimum wage is supposed to equal the minimum amount of money required to make ends meet. However, the set wage for Korea is not enough. On top of that, the government's social wages is not even a third of the OECD average. That's why companies have to push up the wages -- resulting in bigger hikes than other countries." But this, at the same time, is a double edged sword. Sharp increases puts more burden on smaller firms and self-employed business people -- as they would face higher labor costs that could lead to hiring fewer new employees. Experts say the government needs to step up welfare expenses,... and come up with a system of different wages that matches the characteristics of each region and type of job. Kim Min-ji, Arirang News. Visit ‘Arirang News’ Official Pages Facebook(NEWS): http://www.facebook.com/newsarirang Homepage: http://www.arirang.com Facebook: http://www.facebook.com/arirangtv Twitter: http://twitter.com/arirangworld Instagram: http://instagram.com/arirangworld
내년 최저임금 시간당 6천470원... 7.3% 올라 The minimum wage for next year here in Korea has been finalized. It's up more than seven percent from this year... but experts note that doesn't necessarily mean better living standards for wage workers. Kim Min-ji reports. Six-thousand-four-hundred-70 won -- or roughly five U.S. dollars and 80 cents. That's the minimum wage in Korea starting next year. It means workers will earn about 46 dollars a day,... or 12-hundred dollars a month,... if they work eight hours daily. Since President Park Geun-hye took office in 2013,... the minimum wage has been on a steady rise,... but next year's figure slowed from the eight percent hike for this year. Despite an uptick,... Korea's minimum wage level sits in the lower end of the ladder. Korea's minimum wage stood at 5 dollars and 40 cents for 2015,... while the OECD average was 6 dollars and 60 cents. The highest was Luxembourg,... followed by Australia and France. Still, Korea's hike in minimum wage has been one of the fastest growing. Neighboring Japan, for one, recently decided on a hike of three percent. However, the increase hasn't necessarily translated into better living conditions for Korean wage earners. "The minimum wage is supposed to equal the minimum amount of money required to make ends meet. However, the set wage for Korea is not enough. On top of that, the government's social wages is not even a third of the OECD average. That's why companies have to push up the wages -- resulting in bigger hikes than other countries." But this, at the same time, is a double edged sword. Sharp increases puts more burden on smaller firms and self-employed business people -- as they would face higher labor costs that could lead to hiring fewer new employees. Experts say the government needs to step up welfare expenses,... and come up with a system of different wages that matches the characteristics of each region and type of job. Kim Min-ji, Arirang News. Visit ‘Arirang News’ Official Pages Facebook(NEWS): http://www.facebook.com/newsarirang Homepage: http://www.arirang.com Facebook: http://www.facebook.com/arirangtv Twitter: http://twitter.com/arirangworld Instagram: http://instagram.com/arirangworld