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S Korea approves 5 percent wage hike amid inflation pain

South Korea has approved raising its minimum wage by 5 percent next year after government-appointed officials were left to make a decision closely watched by company executives, labor leaders and also policymakers concerned about the possible emergence of a wage-price spiral. The move came yesterday after a vote in which all nine business representatives abstained, a labor ministry statement said, adding that four negotiators from a labor union also skipped the vote. Nine members appointed by the government before South Korean President Yoon Suk-yeol took office voted in favor of their proposal to raise the pay level to 9,620 won (US$7.41) per

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