South Korea’s 2025 minimum wage rises 1.7%; SMEs seen suffering

Quick Summary:

However, small business operators and mom-and-pop store owners complained the increase would make it harder for them to make ends meet amid weak economic conditions.With the 1.7% increase, the country’s hourly minimum wage entered the 10,000 won range for the first time since the minimum wage system was introduced in 1988.

SMALL BUSINESS OWNERS FACE DIFFICULTIESDespite the smaller-than-expected minimum wage increase, however, small business owners said they expect their business conditions to worsen next year.

At a Minimum Wage Commission meeting held earlier on Friday, representatives of Korea’s workers’ group called for a 28% increase to 12,600 won, while management groups demanded a freeze.

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Article Details

Category: Economy

Markets: South Korea

Topics: Business Year South Wage 2025 Owners Hourly Increase Korea’s Korea Minimum

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-12 @ 20:35:56 (4 days ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 331 words

Reading Time: 2 minutes read

Sentences: 19 lines

Sentence Length: 18 words per sentence (average)

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Copyright Owner: © Korea Economic Daily

News ID: 21651460

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