COVID-19 curbs slowed down job growth in July, although the country reported job additions for its fifth consecutive month.
The new rate will take effect on 1 January 2022, translating to a monthly wage of 1.91 million won (US$1,672), and will apply across all industries.
The 34.9-trillion-won (US$30.5-billion) supplementary budget should be disbursed swiftly to pandemic-hit businesses and people.
About 68.1% of South Koreans aged between 55 and 79 said they would want to work till an average age of 73, health permitting.
Those in their 20s and 30s accounted for 46.8% of the total discouraged workers in June, up 8.2 percentage points from the year before.
Some 859,000, or 19.1% of 4.49 million economically inactive people aged 15 to 29 were preparing for job exams in May.
Statistics Korea’s data showed that it takes an average of 10.1 months for Koreans aged between 15 and 29 to land their first job.
This comes after the country’s minimum wage commission set the new minimum wage rate at 9,160 won (US$7.94) per hour for 2022.
In June, the country added 582,000 jobs year-on-year, marking four consecutive months of growth in employment numbers.
The Minimum Wage Commission (MWC) has set the country’s minimum wage for next year at 9,160 won (US$8) per hour.
South Korea ranks 30th place out of 36 OECD countries, and falls behind Japan, New Zealand, and Australia.
Employer groups are opposing a new law that will allow CEOs to be punished, even by imprisonment, for serious workplace disasters.
Between January and April this year, entrepreneurs aged 30 and under started 59,000 enterprises over the period, an increase of almost 20% year-on-year.
A large portion of the extra budget will be used to support small businesses, provide cash handouts to households and help struggling job seekers.
Companies with five or more permanent staff are planning to hire 24% more employees in the six-month period ending this September.
From July, more employees, including those hired under special contracts, will be covered under the state employment insurance scheme.
The Minimum Wage Commission reported that the current minimum hourly wage rate of 8,720 won (US$7.69) is not sufficient to cover the cost of living.
Companies employing between five and 49 workers will have to comply with the 52-hour work week by next month.
Small businesses in the country have asked for more time to prepare for the 52-hour work week, which is set to be implemented next month.
Workers at chip and electronic companies may be vaccinated to reduce disruptions to the production of computer chips which are in short supply globally.
Those receiving job-seeking benefits totalled 704,000 in May, in line with a downward trend of 759,000 in March, and 739,000 in April.
The government will soon pass a bill that will provide workers with extra days off should a public holiday fall on a weekend.
The Ministry of Employment and Labour said the number of employees hired by local businesses grew 2.1% year-on-year in April.
South Korea’s policymakers have proposed a bill that will guarantee employees’ rights when a company is in a spinoff.
CJ Group was the latest to announce a paid vaccination leave for its employees, who can take two days off to receive their COVID-19 vaccinations.
The number of employed workers in South Korea totalled 27.21 million in April, up 652,000 from a year ago.
The number of employed women aged between 25 and 54 fell by 541,000 year-on-year last March, more than the 327,000 for men in the same age group.
The number of individuals who worked less than 36 hours a week reached 5.9 million last month, marking an increase of 836,000, or 16.6% year-on-year.
The decision has to be made before August 5, which is the legal deadline for the Ministry of Employment and Labour to deliver an official notice to the public.
Fathers in their 30s and 40s comprised 74.5% of stay-at-home dads, while those aged 60 and above comprised almost 18%.