Seoul, July 19 (EFE).- South Korea\u2019s Minimum Wage Commission on Wednesday approved a 2.5 percent increase in minimum wage in 2024 to 9,860 won ($7.80), sparking protests from union representatives, who had asked for a 26.9 percent hike.<\/p>\n\n\n\n
The commission agreed to the increase after an hours-long meeting that began on Tuesday amid a lack of agreement between employers – who wanted a freeze in the minimum wage – and trade unions following almost four months of unsuccessful negotiations.<\/p>\n\n\n\n
This year’s wage negotiations have been the longest since the current system for setting the minimum wage was established in 2007.<\/p>\n\n\n\n
The newly approved hike is preceded by increases of 10.9 percent in 2019, 1.5 percent in 2021, 5.05 percent in 2022 and 5 percent for this year.<\/p>\n\n\n\n
By law, the commission must submit the newly agreed minimum wage to the labor ministry, which is responsible for announcing the measure.<\/p>\n\n\n\n
Both trade unions and employers can then protest the decision and request a review by the commission, subject to authorization by the labor minister.<\/p>\n\n\n\n
So far, neither side has ever called for a re-evaluation.<\/p>\n\n\n\n
Union representatives on Wednesday expressed their anger at the decision at the end of the vote to set the minimum wage.<\/p>\n\n\n\n
The country\u2019s main labor union, the Federation of Korean Trade Unions, had staged a two-week staggered strike earlier this month to protest the attitude of the employers and labor policies of the conservative Yoon Suk-yeol government.<\/p>\n\n\n\n
New strikes are expected to be convened following Wednesday\u2019s decision. EFE<\/p>\n\n\n\n
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