|▲ A joint press briefing held by the Minimum Wage Solidarity, Federation of Korean Trade Unions(FKTU) and Korean Confederation of Trade Unions(KCTU) against the retrogressive revision of the Minimum Wage Act.|
The Environment and Labor Committee of the National Assembly on May 25 passed a vote of the amendment bill of the Minimum Wage Act that was the outcome that its Employment and Labor Subcommittee(Bill Deliberation Subcommittee) had finally worked out during the meeting convened from the evening of May 24 until the dawn of May 25. The amendment bill will be dealt with by the Legislation and Judiciary Committee on May 25 before a vote will be taken to make the passage of the bill by the plenary session of the National Assembly on May 28.
Regular bonuses and welfare benefit allowances having been paid once or more a month will be included anew as part of the minimum wage components. If regular bonuses having been paid for the period exceeding one month are evenly divided as a monthly payment, it does not fall under the prohibition of change to disadvantage in the rules of employment.
However, during the grace period, the new inclusion scope will not be applied to the cases that the amount of regular bonuses falls short of 25 percent of the next year's minimum wage or the amount of welfare benefit allowances is below 7 percent of the minimum wage. From 2024 onwards, any monthly payments of regular bonuses and welfare benefit allowances will be included in the minimum wage.
reported by Kim Hak-tae
translated by Kim Sung-jin
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