Korea Chamber of Commerce and Industry: "Highly Values Minimum Wage Agreement Decision... Additional Measures Needed to Ease Inflation Burden"

10,320 Won Per Hour Set for Next Year

Business organizations have welcomed the fact that next year's minimum wage increase was decided through labor-management agreement for the first time in 17 years.

On July 11, the Korea Chamber of Commerce and Industry issued a statement saying, "Given the current domestic and international economic conditions, the business community highly values the fact that a decision was made through labor-management agreement for the first time in 17 years."

Exterior view of the Korea Chamber of Commerce and Industry building. Korea Chamber of Commerce and Industry.

The Minimum Wage Commission, a tripartite social dialogue body composed of labor, management, and public interest members that deliberates and decides the minimum wage, held its 12th plenary meeting at the Government Complex Sejong the previous day and set next year's minimum wage at 10,320 won per hour, a 2.9% increase from this year. While this rate of increase is higher than this year's 1.7% or 2021's 1.5%, it remains at a low level.

However, the Korea Chamber of Commerce and Industry stated, "Considering the difficulties faced by small and medium-sized enterprises and small business owners due to sluggish domestic demand and high inflation, we hope the government will introduce additional support measures to ease their burden and actively work to create a more business-friendly environment and ease regulations." The organization also added, "The business community will continue to play its part in fostering new growth and job creation."

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