SEOUL, July 5 (Yonhap) -- A trilateral council of government, labor and management representatives agreed Friday to raise the country's minimum wage for next year by 7.2 percent to 5,210 won (US$4.57) per hour.
The Minimum Wage Council reached the deal in a 15-0 vote with nine abstentions at the end of overnight negotiations, the council said.
Under the agreement, the monthly salary of those who work 40 hours a week will rise to 1.08 million won, the council said, adding that the increase is expected to benefit roughly 2.56 million workers in the country struggling with low income.
Initially, the labor circle demanded a 21.6 percent increase from this year's hourly wage of 4,860 won, while the management proposed a freeze.
"The 7.2 percent increase takes into account diverse factors such as the real-term economic growth rate and inflation," said the council chief Park Jun-seong.
首爾，7月5日（韓聯社） - 週五由政府，勞方與資方代表組成的基本工資委員會同意提高該國的基本工資7.2％，明年為5210韓元（每小時4.57美元/136.44台幣）。