[Trend of the times] 2024 Korea minimum wage, US minimum wage has no meaning
최저임금(最低賃金, 영어: minimum wage)
*Photo_News TNT
*Source_Ministry of Employment and Labor official blog
*Source_Economic Information Center KDI
The Ministry of Employment and Labor announced on Friday, August 4 that it had decided and announced that the minimum wage to be applied in 2024 would be KRW 9,860 per hour. When converted to monthly wages, it is 2,060,740 won (based on 40 hours of regular work per week, 209 hours per month), and the same minimum wage is applied to all workplaces regardless of business type. In order to establish the minimum wage in 2024, the government plans to increase the minimum wage compliance rate through active promotion and guidance, as well as education, consulting, and labor management guidance for workplaces. The Ministry of Employment and Labor announced that it will collect various opinions and seek improvement measures in the future, as there are many indications that the minimum wage system must reflect changing market conditions and that the conflict and confrontation structure that repeats itself every year must be improved.
- Calculation of minimum wage and weekly holiday allowance in 2024 (calculating salary, annual salary)
1. What is the minimum wage system? 2. Minimum hourly wage in 2024 3. Calculate monthly salary using minimum wage 4. Calculate weekly holiday allowance 5. Frequently Asked Questions FAQ 6. Finishing
*Source_News Pym
Labor claims ‘26.9% increase’ vs. management claims ‘freeze’
Low compared to European countries, but highest in Asia
62.2% compared to median wage… OECD average 56.8%
Small business owners and self-employed people cry... “Need to adjust speed”
*Source_SBS Biz Global Economy Recently, there is an assessment that the existence of the minimum wage system, a safety measure to protect low-wage workers in the United States, has lost its meaning. As the demand in the job market continues to far exceed supply, it has become impossible to hire workers even if they pay wages much higher than the minimum wage. The New York Times (NYT) reported that as of the 23rd local time, there are only 68,000 workers across the United States receiving the minimum wage of $7.25 (about 9,700 won) per hour set by the federal government. This figure is less than 0.1% of all workers in the United States who receive hourly wages.
*Source_News Pym
Next year's minimum wage in Korea will be 9,860 won. Although some argue that it is less than 10,000 won in an era of high inflation, it is higher than the federal hourly minimum wage of $7.25 (about 9,200 won) in the United States, the world's No. 1 economy. Unlike Korea, where minimum wage is negotiated every year, the U.S. federal minimum wage has not been increased since 2009. This is because each state and local government sets its own minimum wage, and a higher standard than the federal standard is used in practice. According to the Pew Research Center, a U.S. public opinion polling agency, there are about 145 countries like Korea where the central government sets the national minimum wage uniformly, which is the majority. On the other hand, in seven countries, including the United States, China, and India, each state and local government has the same authority to determine the minimum wage as the federal government, so the minimum wage varies widely by region. By region in the U.S., from 9,200 won to a maximum of 24,000 won. In the United States, where there is a tipping culture, the basic minimum wage and the minimum wage for tipped workers are set separately. Tipped workers refer to service workers who receive tips of more than $30 per day, and considering their tip income, their minimum wage is lower than the basic wage. This year, New York City raised its minimum wage to $18.69 (about 24,000 won), $4.49 higher than the state standard. This is a significant increase from $15 last year to $3.69, and can be interpreted as a measure that takes into account the size of the city's economy and citizens' living standards. Why is America’s minimum wage so different?... ‘Living wage must be considered’ Minimum wage refers to the lowest level of income determined by the government in consultation with labor and management, while living wage refers to the minimum level of wage at which one can actually live, taking into account the inflation rate and household income and expenses. According to the Massachusetts Institute of Technology (MIT) calculation of the living wage for a one-parent, one-child family, Washington state, which guarantees the highest minimum wage, amounts to $19.58. This means that even though the minimum wage guaranteed by the state is higher than ours, it is not enough for a family of three to cover basic food, clothing, and shelter. The reason that the minimum wage in the United States varies so widely is ultimately because each state and local government aims to reduce the wage gap by taking into account regional housing rents, characteristics of major industries, size of the economy, and demographic factors. Accordingly, some local governments are using the living wage as the standard instead of the minimum wage. According to CNBC, Nassau County, New York, legally uses 'living wage' instead of 'minimum wage' as the minimum income standard.
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