콘텐츠 바로가기
로그인
컨텐츠

Category Open

Resources

tutorial

Collection of research papers and materials on development issues

home

Resources
Industry and Technology Manufacturing
Industry and Technology Science/Technology
Social Development Employment

Print

Minimum wage effect on the manufacturing and service industry : Wage and employment structure

Related Document
Frame of Image  reduces the employment rate due to diminishing the demand of labor. Particularly, the marginal firms encounter dif-
Minimum Wage Effect on the Manufacturing and 1 ) Service Industry : Wage and Employment Structure
The Minimum Wage Council (MWC) consists of 27 members who are appointed by the President once they are nominated by the Ministry of Employment and Labor. The members are divided into three represented councils of Workers, Employers and Public Interest, and each group constitutes of 9 persons. The MWC determines the minimum wage for the next year until August 5 annually after reviewing the cost of living, wage status of comparable workers, and various indicators such as economic growth rate, employment, prices, labor productivity and income distribution. Nowadays, the minimum wage is almost decided by Public Interest Council because it is difficult for the Worker and Employer Counficulty withstanding the heightened minimum wage. Extensive studies of minimum wage impacts on wage or wage inequality show similar results that raising the minimum wage is reducing the wage differential or wage inequality. However, previous studies of minimum wage effects on employment do not show the same results. Some papers show that the rising minimum wage has no effect on employment, while the other papers find that changing the minimum wage has a negative effect on employment. Under this difficult situation, the government has asked the MWC to review the minimum wage by industry, and


Full Text
Title Minimum wage effect on the manufacturing and service industry
Similar Titles
Sub Title

Wage and employment structure

Material Type Articles
Author(English)

Korea Institute of Economic & Trade

Publisher

[Sejong]:Korea Institute for Industrial Economics & Trade (KIET)

Date 2015-06
Journal Title; Vol./Issue KIET Industrial Economic Review:vol. 20(no. 3)
Pages 9
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Industry and Technology < Manufacturing
Industry and Technology < Science/Technology
Social Development < Employment
Holding KIET; KDI School