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South Korea hikes minimum wage 5% to $7.40, on par with U.S., Tokyo

Rapid inflation and runaway property prices squeeze workers

A convenience store in Seoul. The minimum wage has risen dramatically in South Korea over the last decade. (Photo by Ahn Seong-bok)

SEOUL -- South Korea will increase its minimum wage by 5% in 2023 to 9,620 won ($7.41) an hour nationwide, its Minimum Wage Commission announced Thursday, as inflation hits 14-year highs.

The government implemented a similar hike for this year. The latest plan will nearly double minimum pay from a decade ago.

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