South Korea’s minimum wage is set to increase next year by 16 percent to 7,530 won ($6.60) per hour, the biggest jump since 2001, giving President Moon Jae-in an early victory in his push to boost incomes.
Moon is seeking to nudge the economy away from its export dependence to a structure that relies more on household spending, which makes higher pay and quality jobs more important. He’s pledged to be a "jobs president" and to raise the minimum wage to at least 10,000 won by 2020.
