SEOUL, Aug. 5 (Xinhua) -- South Korea's labor ministry said Monday that it confirmed the raise of minimum wage for next year by 1.7 percent.
The compulsory hourly minimum wage for 2025 was set at 10,030 won (7.39 U.S. dollars), up 1.7 percent compared with this year's 9,860 won (7.26 dollars), according to the Ministry of Employment and Labor.
The 2025 figure topped 10,000 won for the first time since the country adopted the minimum wage system in 1988, but the rising rate of 1.7 percent was the lowest since 2021.
The per-hour minimum wage amounted to 2,096,270 won (1,544 dollars) per month based on a 40-hour workweek.
Before the confirmation, the labor side initially proposed 12,600 won (9.28 dollars) as the 2025 minimum wage, but the management side claimed a freeze on the wage. ■
