© Reuters. FILE PHOTO: Office workers look at their mobile phones to check the local online banking app Toss as they gather at Seoul Museum of Art during a lunch break in Seoul, South Korea, April 13, 2023. REUTERS/Kim Hong-Ji/File Photo
SEOUL (Reuters) – South Korea has decided to raise the minimum wage by a three-year low of 2.5% in 2024, its Minimum Wage Commission said on Wednesday, amid slowing growth and high inflation.
The minimum hourly wage will be raised to 9,860 won ($7.80) next year, up from 9,620 won this year, the commission said. The figure was reached after 110 days of discussion, the most number of days it has ever taken reach an agreement.
It will be the smallest increase since 2021, when the wage was raised by a record low of 1.5% amid the COVID-19 pandemic.
($1 = 1,263.9500 won)
This story originally appeared on Investing
