SNU law professor nominated as antitrust watchdog chief

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South Korea’s minimum hourly wage for 2023 has been set at 9,620 won ($7.41), a 5 percent increase from this year. The new rate translates to a monthly wage of 2.02 million won, surpassing the 2 million won mark for the first time. But neither the labor nor business side were satisfied with the outcome, posing a problem for the Yoon Suk-yeol administration, amid concerns about deepening economic woes including surging inflation. Made up of 27 representatives -- nine each from labor, bu

Deputy Prime Minister and Finance Minister Choo Kyung-ho has requested large companies refrain from raising wages excessively. Choo said in a breakfast meeting with leaders of the Korea Enterprises Federation on Tuesday that wages have recently increased sharply among large companies and some IT firms. He said that this trend shows signs of spreading to other industries and companies. He was concerned that an excessive wage rise among large companies may aggravate high inflation. He said he wan