Korea confirms 6.1% minimum wage increase for 2013

The labor ministry set the country's minimum wage at 4,860 won ($4.31) per hour for next year on Wednesday, in agreement between the government, labor and management.

In June, the trilateral council agreed to raise the country's minimum wage by 6.1 percent from this year's 4,580 won per hour. As no objection or complaint to the agreement was made, the Ministry of Employment and Labor has confirmed the wage level.

The decision will increase the monthly salary of those who work 40 hours a week to 1.02 million won, and is expected to benefit some 14.7 percent of workers in the country struggling on low incomes, or roughly 2.58 million workers, it added.

The ministry said it will monitor businesses to ensure they comply with the new rule. (Yonhap)