South Korea has made the decision to increase the minimum wage by a modest 2.5 percent in 2024, according to the Minimum Wage Commission. This comes as the country faces slowing economic growth and high inflation.
Starting next year, the minimum hourly wage will be raised to 9,860 won ($7.80), up from 9,620 won in the current year. It took the commission 110 days of discussions to reach this figure, which is the longest it has ever taken to reach an agreement.
This 2.5 percent increase is the smallest since 2021, when the wage was raised by a record-low 1.5 percent due to the impact of the COVID-19 pandemic.
($1 = 1,263.9500 won)
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
