Inflation

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

Rapid inflation and runaway property prices squeeze workers

20220630 S Korea Convenience Store

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

KOTARO HOSOKAWA, Nikkei staff writer
June 30, 2022 23:59 JST

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.

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