Government Announces Minimum Wage of 9,620 Won for Next Year... 2.01 Million Won for 40-Hour Workweek

Next Year's Minimum Wage 9,620 Won... Up 460 Won from Previous Year
Monthly Salary Equivalent 2.01 Million Won... Based on 40-Hour Work Week
Democratic Labor Union and Others Raise Objections... Ministry of Employment Does Not Accept

Will a late-night surcharge system be introduced at convenience stores?
(Seoul=Yonhap News) Jin Yeon-su reporter = In response to the decision to raise next year's minimum wage by 5.0% to 9,620 won per hour, convenience store owners are pushing to introduce a "surcharge system" that increases prices for goods during late-night hours. The National Convenience Store Franchise Association claims it is difficult to bear the labor cost burden caused by the minimum wage hike and is negotiating with convenience store headquarters to charge higher prices at night. The photo shows an employee working at a convenience store in Seoul on July 6. 2022.7.6
jin90@yna.co.kr
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[Asia Economy Sejong=Reporter Lee Junhyung] The government has announced the hourly minimum wage for next year as 9,620 won.

The Ministry of Employment and Labor announced on the 5th that the minimum wage for next year will be set at 9,620 won per hour. This is an increase of 460 won compared to last year and will be applied uniformly across all workplaces regardless of industry. When converted to a monthly salary based on a 40-hour workweek, the minimum wage amounts to 2,010,580 won.

Previously, the Minimum Wage Commission held eight plenary meetings to deliberate and decide on the minimum wage for next year, the monthly conversion amount, and whether to apply industry-specific distinctions. The Ministry of Employment and Labor announced the "2023 Minimum Wage Proposal" on the 8th of last month and operated an objection period until the 18th of the same month.

During the objection period, four objections were submitted by organizations including the Korean Confederation of Trade Unions, the Korea Employers Federation, the Korea Federation of Small and Medium Business, and the Korea Federation of Micro Enterprise. However, the Ministry of Employment and Labor did not accept these objections, considering the provisions and intent of the Minimum Wage Act as well as the deliberation and resolution process of the Minimum Wage Commission.

Minimum wage set at 9,620 won, Chairman Park Junsik moving
(Sejong=Yonhap News) Reporter Kim Juhyung = On the morning of June 30, at the 8th plenary meeting held in the Minimum Wage Commission meeting room at the Government Complex Sejong in Sejong City, the minimum wage for next year was decided to be 9,620 won.
Chairman Park Junsik is moving. 2022.6.30
kjhpress@yna.co.kr
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Meanwhile, the government will also conduct basic research on the recommendations made by the public interest members of the Minimum Wage Commission during the minimum wage deliberation process. Earlier, a public interest member of the Minimum Wage Commission requested that basic research data on whether and how to apply differentiated minimum wages by industry and on the method of applying living costs be submitted before next year’s minimum wage deliberations. The Ministry of Employment and Labor plans to initiate this basic research by reviewing current statistics and overseas cases, consulting related agencies, and collecting opinions from labor and management.

Minister of Employment and Labor Lee Jung-sik stated, "The minimum wage is determined by the Minimum Wage Commission after comprehensively considering domestic and international economic conditions, employment situations, and the difficult circumstances of low-wage workers and small business owners, and it should be respected," adding, "We will do our best to ensure that the minimum wage contributes to improving the treatment and living stability of low-wage workers."

This content was produced with the assistance of AI translation services.