After marathon 13-hour talks that went through the night,... South Korea's Minimum Wage Commission has finally agreed on next year's minimum wage.<br />It's only a slight increase compared to recent years so it should be music to the ears of small businesses,... less so for low-income workers.<br />To tell us more,... we have our Lee Min-sun on the line.<br />Min-sun,... tell us more.<br /><br />Hi Mark,<br />South Korea's Minimum Wage Commission has set next year's minimum wage at 8-thousand 5-hundred 90 Korean won... that's approximately 7-dollars 30-cents an hour.<br />It's a mere 2-point-9 percent increase from the current rate of 8,350 Korean won... just over seven U.S. dollars.<br />It's the smallest increase since 2010 and the first time the rate of increase has been in the single-digit percentage range since President Moon Jae-in took office.<br />It shows the pace of hikes is slowing amid the economic slowdown in South Korea.<br />It also means the Moon administration has failed on one of its major pledges namely to hike the minimum wage to 10-thousand won or about eight-and-a-half dollars an hour by 2020.<br /><br />The increase for 2018 was a whopping 16-point-4 percent, the sharpest rise in 17 years.. and 10-point-9 percent this year.<br />The decision was made around dawn on Friday through a vote by commission,... after a marathon meeting.<br />The labor sector initially proposed 10,000 won and the business sector 8,000 won... and after the negotiations... the commission voted on the final proposals to adopt the business sector’s proposal.<br /><br />After the commission's vote, labor representatives released a statement slamming the decision...calling it a disaster.<br />On the other hand, the business sector was happy and described it as an inevitable choice to minimize the side effects that could arise from another sudden hike.<br />They also said they hoped it will help revitalize economy and reduce the burden on mom-and-pop stores and small and mid-sized companies.<br /><br />The decision will be finalized by the Ministry of Employment and Labor on August 5th.<br />Once the finalized minimum wage is notified, it will take effect from January 1st next year.<br />Before the official notification is made, labor or business sectors can lodge objections.<br />The labor minister can also ask Minimum Wage Commission to reconsider its decision,... if objection is considered reasonable.<br />That's all from me.<br />Back to you, Mark.<br />
