The minimum pay was increased by 5% in a meeting of the minimum wages fixation committee conducted on Monday, bringing the minimum wage to 9,160 Korean Won per hour. From 2022 forward, the increased pay will be introduced.
Previously, the hourly minimum pay was 8,720 Wons. Working eight hours a day, five days a week, one can make 1 million 914 thousand 440 Wons per month under the new minimum wage. This equates to about 200,000 Nepalese rupees.
The nine-member Committee decided to raise the minimum wage at midnight on Monday.
Those representing workers urged that minimum wages be increased to 10,000 Wons from 8,720 Wons, while those representing entrepreneurs opposed the rise, claiming that the Covid-19 outbreak had harmed their businesses.
After representatives of workers and entrepreneurs failed to reach a consensus, those representing the general public proposed a middle path.
The Minimum Pay Fixation Committee will recommend an increase in wages to the Korean Labor Ministry, which will be announced on August 5.