Naija government, are you listening?
SEOUL (Reuters) – South Korea plans to raise its minimum wage 16 per cent next year – the biggest jump in nearly two decades – as President Moon Jae In looks to spur domestic spending and generate more balanced growth in Asia’s fourth-largest economy.
The increase to 7,530 won (S$9.14) per hour will affect nearly one in four South Korean workers, the Minimum Wage Commission announced over the weekend after an agreement between labour, business representatives and the government.
The pay hike, the largest since 2001, is part of a multi-pronged strategy by President Moon to encourage more private consumption and help narrow income inequality.
Moon has pledged to raise the minimum wage to 10,000 won by 2020, which would require pay hikes of about 15 per cent every year in the next few years, compared with average annual gains of about 7.3 per cent since 2010…
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