KCCI: "Minimum Wage Decision, Difficult to Accept but Respected"

[Image source=Yonhap News]

[Asia Economy Reporter Kiho Sung] The Korea Chamber of Commerce and Industry (KCCI) stated on the 14th that it regrets but accepts the Minimum Wage Commission's decision to raise the minimum wage for 2021 by 1.5% (130 won) from the previous year to an hourly wage of 8,720 won.

Jaegeun Park, Head of the Industrial Research Division at KCCI, said, "Considering the endless management difficulties faced by companies due to the COVID-19 pandemic, even this historically low minimum wage increase rate is regrettable and difficult for the business community to accept. Nevertheless, we comply with and respect the Minimum Wage Commission's decision."

He added, "The labor sector is also unlikely to be satisfied with this minimum wage increase rate," and said, "Despite expectations for workers' livelihood stability, we regret the current economic situation that led to this decision."

Park also stated, "During the minimum wage decision process, the increase rates demanded by labor and management showed extreme disparities, and ultimately some parties abstained from the minimum wage vote, causing repeated disruptions," emphasizing, "The minimum wage should be decided objectively and predictably. We hope that the 'Minimum Wage Decision Structure Reform Plan,' which was not legislated in the 20th National Assembly, will be promptly enacted in the 21st National Assembly."