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By Sean Na
July 18—The hourly minimum wage in South Korea is to increase to 6,470 won ($5.69) from 6,030 won ($5.30) on Jan. 1, 2017, the chairman of the South Korean Minimum Wage Council said July 16.
The new rate is expected to be formally announced Aug. 5 by the Ministry of Employment and Labor, which oversees the Minimum Wage Council.
The increase is expected to affect 3.36 million workers in South Korea, according to the Minimum Wage Council.
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The minimum wage announcement is available at http://src.bna.com/gRi.
More information on payroll issues in South Korea can be found in the South Korea country primer.
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