내년 최저임금 8천590원으로 결정…2.9% 인상<br /><br />South Korea has decided raise next year's minimum wage, but it's not much of a leap compared to recent years.<br />Businesses are breathing a sigh of relief, but low-income workers have been left left frustrated.<br />Lee Min-sun reports. 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 />That represents an increase of 2-point-9 percent from the current rate.<br />It's the smallest increase since 2010 and the first time the Moon administration has not raised it by double digits, showing that wages are slowing down along with the economy.<br />"We desperately need an adjustment in speed and direction as we pursue economic and social goals."<br />The increase for 2018 was a whopping 16-point-4 percent, the sharpest rise in 17 years.. and it was 10-point-9 percent this year.<br />Next year's wage was decided in a vote early Friday by the commission's three groups labor, business and representatives of the public interest mostly economists.<br />Labor had initially proposed an increase of almost 19 percent to 10,000 won an hour and the business side proposed a cut in the wage to 8,000 won.<br />But those demands were softened after a marathon meeting.<br />The labor proposal was defeated, and after the vote, its representatives released a statement slamming the decision.<br />On the other hand, the business side described the small increase as unavoidable... because of the side-effects that could come from another big hike.<br />They also said they hoped it will help revitalize the economy and reduce the burden on mom-and-pop stores and small and mid-sized companies.<br />The decision will be finalized by the Ministry of Employment and Labor on August 5th, and it will take effect from January 1st.<br />Lee Min-sun Arirang News.<br />
