{"id":2200648,"date":"2023-04-07T08:00:47","date_gmt":"2023-04-06T23:00:47","guid":{"rendered":"https:\/\/koreapro.org\/?p=2200648"},"modified":"2023-04-06T16:36:57","modified_gmt":"2023-04-06T07:36:57","slug":"umbrella-union-groups-demand-25-minimum-wage-hike-next-year","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/04\/umbrella-union-groups-demand-25-minimum-wage-hike-next-year\/","title":{"rendered":"Umbrella union groups demand 25% minimum wage hike next year"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s two largest labor groups \u2014 the Korean Confederation of Trade Unions (KCTU) and the Federation of Korean Trade Unions (FKTU) \u2014 on Tuesday <\/span><a href=\"https:\/\/mbiz.heraldcorp.com\/amp\/view.php?ud=20230404000532\"><span style=\"font-weight: 400;\">demanded<\/span><\/a><span style=\"font-weight: 400;\"> a 25% minimum wage hike for next year. They demanded that the minimum hourly wage be raised to about $9.10 (12,000 won) next year. The ROK\u2019s minimum wage is currently $7.30 (9,620 won). The unions pointed to inflation having lowered workers\u2019 real wages.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">KCTU\u2019s Gangwon Regional Headquarters members held a <\/span><a href=\"https:\/\/www.yna.co.kr\/view\/AKR20230406084500062?section=news\"><span style=\"font-weight: 400;\">press conference<\/span><\/a><span style=\"font-weight: 400;\"> in front of Hallym University on Thursday. Park Jun-sik, a professor of sociology, teaches at that university. Park served as the chair of the Minimum Wage Committee. During his tenure, the minimum wage rose by 2.87% in 2020 and 1.5% in 2021. Union members criticized Park for the modest raises in the minimum wage, blaming him for \u201cignoring low-wage workers\u2019 right to live.\u201d<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">South Korea\u2019s Ministry of Employment and Labor reported last week that workers\u2019 inflation-adjusted real wages have fallen by <\/span><a href=\"https:\/\/koreapro.org\/2023\/04\/south-koreas-real-wages-slipped-by-5-5-due-to-inflation\/\"><span style=\"font-weight: 400;\">5.5%<\/span><\/a><span style=\"font-weight: 400;\"> since last year. Real wages have fallen for 10 consecutive months since April 2022 due to <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20230328008251320?section=search\"><span style=\"font-weight: 400;\">inflation<\/span><\/a><span style=\"font-weight: 400;\">. But the minimum wage increase rate applied in 2023 was 5%. However, it is highly unlikely that the government will meet the unions\u2019 demand for a 25% hike.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/english.hani.co.kr\/arti\/english_edition\/e_business\/803185.html\"><span style=\"font-weight: 400;\">largest annual increase<\/span><\/a><span style=\"font-weight: 400;\"> in the minimum wage occurred in 2018 when the Moon Jae-in administration agreed to raise it by 16.4% in pursuit of his income-led growth economic policy. Although welcomed by wage earners, Moon\u2019s policy <\/span><a href=\"https:\/\/www.ft.com\/content\/1138bc54-0d5e-11e8-8eb7-42f857ea9f09\"><span style=\"font-weight: 400;\">severely affected<\/span><\/a><span style=\"font-weight: 400;\"> small and medium-sized enterprises. Minimum wage hikes in 2020 and 2021 were modest because of the economic slowdown that resulted from the global pandemic. The pro-business Yoon administration is unlikely to give in to the unions\u2019 demands.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/domestic-politics\/\"><span class=\"tag\">Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s two largest labor groups \u2014 the Korean Confederation of Trade Unions (KCTU) and the Federation of Korean Trade Unions (FKTU) \u2014 on Tuesday demanded a 25% minimum wage hike for next year. They demanded that the minimum hourly wage be raised to about $9.10 (12,000 won) next year. The ROK\u2019s minimum wage is [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2200650,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,27],"class_list":["post-2200648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-domestic-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Umbrella union groups demand 25% minimum wage hike next year - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/04\/umbrella-union-groups-demand-25-minimum-wage-hike-next-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Umbrella union groups demand 25% minimum wage hike next year - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s two largest labor groups \u2014 the Korean Confederation of Trade Unions (KCTU) and the Federation of Korean Trade Unions (FKTU) \u2014 on Tuesday demanded a 25% minimum wage hike for next year. 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