Raising the Minimum Wage in South Korea (Essay Sample)
THE TASK WAS ABOUT WRITING An essay on the proposal to raise the minimum wage in south korea. THERE HAVE BEEN SO MUCH CONTROVERSY SURROUNDING THE issue of minimum wage in south korea IN RECENT YEARS. THE PAPER THEREFORE REQUIRED ME TO WRITE ABOUT minimum wage, what it entails, its benefits if implemented, AND GIVE RECOMMENDATIONS AS TO WHETHER the government of south korea should go ahead and raise the country's minimum wage or not.
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Raising The Minimum Wage
Minimum wage refers to the lowest wage that a worker can be paid per hour as the law mandates. South Korea set its minimum wage for 2019 at $ 7.37 or 8,350 won per hour signifying an increase of 10.9% since last year. The nation hopes to raise the minimum wage to at least 10,000 won by 2020 a move that has been highly criticized by scholars. However, despite the existing skepticism over the increase in the minimum wage, there will be numerous benefits that individuals and the economy at large will get from the increase. A higher minimum wage in South Korea will increase the profitability of workers and thus reduce turnover. It will also boost the nation’s economy by reducing the level of unemployment.
Increasing the profitability of Workers
The aim of the minimum wage is to protect the welfare of workers especially those that have weak bargaining power. Due to these, many workers will stay with their employers and thus reduce business turnover, training and hiring
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