After much deliberation, the Korean government has finalized next year's minimum wage,... raising it by over ten percent despite concerns from local employers.
The Ministry of Employment and Labor says it has decided to raise the minimum wage by 10-point-9-percent to about seven dollars and 40 cents an hour for next year,... up from the current 6 dollars and 70 cents.
The new minimum wage works out to just over 15-hundred dollars a month based on a 40-hour work week.
The ministry says it will to all the nation's industries.
The move is expected to cause more backlash from businesses and employers who have argued against higher labor costs.
The minimum wage had already been increased for this year by 16-point-4-percent.