South Korea Raises Minimum Wage to $5.43 an Hour

If US fast food workers think they have it bad with the US minimum at $7.25 an hour look at what their counterparts in Korea get paid:

The government announced on Friday the newly raised hourly minimum wage for next year.

According to the Ministry of Employment and Labor, the government will raise the hourly minimum wage by 7.3 percent from 6,030 won ($5.43) this year to 6,470 won starting at the beginning of next year.

“We accepted formal objections starting from July 21 to Monday, and we didn’t receive any from the labor representatives,” said Kwon Chang-joon, a director at the ministry. “We did receive a petition from the Korean Federation of Micro Enterprise but decided that there is no need for further consideration after reviewing various laws and decision-making processes by the Minimum Wage Commission with labor and business sectors.”    [Joong Ang Ilbo]

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