July 14, 2020 13:39 The minimum wage could rise by only 1.5 percent next year, the smallest increase since it was first introduced in 1988, amid fierce wrangling between employer and worker lobbies.A government committee on Monday proposed setting the minimum wage at W8,720 an hour (US$1=W1,203). But 11 members of the 27-strong committee boycotted the vote after it failed to reach agreement in almost a dozen previous meetings.All nine labor representatives voted with their feet because the hike is not high enough for them, as did two small-business representatives who feel the hike is still too high. The proposed figure reflects persistent pleas from businesses to halt the massive hikes of the last two years because they can no longer afford to pay their staff, and many workers in small firms were let go.A committee spokesman admitted that another drastic hike could lead to soaring unemployment in a slow economy exacerbated by the coronavirus epidemic.The final figure will be submitted to the Cabinet by the labor minister next month. Growing Numbers Paid Less Than Minimum Wage Per Capita Income ‘Could Plunge Below $30,000’ Small Businesses Resist Further Minimum Wage Hike Korea Falls in Global GDP Ranking Coronavirus Makes Income… Read full this story
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