Minimum Wage Increase and Its Expected Effect
Minimum Wage Increase and Its Expected Effect
  • Choi Seon-uk
  • 승인 2021.08.30 13:47
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  Korea’s hourly minimum wage next year will be 9,160 won. This is an increase of 440 won, or 5.1% from 8,720 won last year. A commission determines the minimum wage. The Minimum Wage Commission belongs to the Ministry of Employment and Labor and consists of 27 commissioners from public interests, employers, and employees. The 2022 minimum wage was decided after nine plenary sessions. Although the employers and employees couldn’t agree, the public interest members proposed a vote to finally decide.
  The minimum wage is a critical factor in society and for the economy as a whole. The Minimum Wage Commission said the increase was calculated using the rates of consumer inflation, economic growth and employment growth. The minimum wage has a very large impact on people’s perception not only the specific numerical values. Minimum wage can be a criterion to employees as an appropriate wage level. After the formation of an appropriate wage level, it can be reflected in increasing or decreasing jobs. Increasing or decreasing jobs can affect the consumption and growth of whole economy.
  Minimum wage is also a significant factor for Yeungnam University student life. According to The Yeungnam Observer’s online investigation for YU students, the number of students who experienced or are still working a part-time job amounts to 81.3% of 48 respondents. If the minimum wage is raised, the number of students willing to do part-time jobs reached 78.7% of 48 respondents. This indicates how the minimum wage affects student willingness to work. On the other hand, only 21.3% of 48 respondents predict that part-time or full-time jobs will increase if the minimum wage is raised.
  Thus, the minimum wage has become an important factor in the lives and perceptions of students as well as society as a whole. According to our online investigation, expectations for a rise in the minimum wage are clear, but concerns also remain. The attention is focused on whether the minimum wage for next year will recover the economy hit by COVID-19 and provide a better life for the people.


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