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South Korean government increases minimum wage rate in 2012

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    Park Joon-sung, Park Joon-sung, Chairman of the Minimum Wage Council deliberated on the minimum wage applicable in 2012, and set it at 4,580 won an hour, up 260 won or 6.0% from 4,320 won an hour in 2011.
In 2012, hourly minimum wage works out to 957,220 won a month for those working 40 hours a week (209 hours a month).
       When deliberating and deciding on the minimum wage this time, the Council  gave priority to stabilizing the livelihoods of low-paid workers. For instance, the increase rate was set at a higher level than the previous year.
It also took into account micro, small and medium enterprises’ ability to pay wages, including the fact that the proportion of enterprises paying less than this year’s minimum wage reached 11.5%.
      With the statutory deadline on 29 June  having passed, the public interest members made their first proposal on July 1 at the request of both labor and management. For all this, things didn’t go smoothly as employers’ and workers’ members resigned or walked out of negotiations.
The Council could not deliberate and decide on the minimum wage 12nd  meetings
      Accordingly, at its 13rd meeting, the Council voted on the final proposal made by the employers’ members and favored increasing the minimum wage to 4,580 won an hour.
     Park Joon-sung, Park Joon-sung, Chairman of the Minimum Wage Council informed that the new minimum wage rate will be proposed to Ministry of Labour and Employment and will become effective on January 2012.  The 13rd meetingof the minimum wage council held on 12 July 2011 at 8.00 am. will end on 13 July at 01.58am, the council set the minimum wage rate at 4,580 won an hour or 6.0% increasing from 4,320 won. This rate is set for all industries so that those who work over 40 hours a week will receive 957,220 won a month.