As the new year is coming, lets look into some of the changes that will be occurring in 2024, in South Korea
One of the significant change that will happen in Korea is the change in minimum wage from 9620 KRW to 9860 KRW. Although the change seems quite marginal, when looking at the monthly wage, this could be a quite a significant change.
The minimum wage in South Korea is determined through a comprehensive and collaborative process that involves consultations between the government, labor representatives, and business representatives. This process ensures that the decision on the minimum wage takes into account the perspectives and interests of all stakeholders.
The Minimum Wage Commission, which is responsible for setting the minimum wage, is composed of representatives from these three groups. They come together to review and analyze various factors that are relevant to determining an appropriate level for the minimum wage.
One of the key factors considered during the deliberation is the current economic conditions. The Commission examines the overall state of the economy, including factors such as GDP growth, inflation rate, and employment rate.
Another important factor taken into consideration is the cost of living. The Commission assesses the average expenses of households, including housing, food, transportation, education, and healthcare costs. By understanding the financial burdens faced by individuals and families, the Commission aims to ensure that the minimum wage reflects the real-life needs and challenges of the workforce.
By considering these various factors and engaging in a collaborative decision-making process, the Minimum Wage Commission strives to strike a balance between providing adequate income for workers and ensuring the competitiveness and sustainability of businesses in South Korea.
