Labor groups demand minimum wage of 12,000 won in 16.3% increase

Labor groups on Monday demanded a legal minimum wage of 12,000 won ($7.90) next year in what would be a 16.3 percent increase from this year's rate.

The country's two umbrella labor unions -- the Federation of Korean Trade Unions and the Korean Confederation of Trade Unions -- disclosed their first minimum wage proposal during a press conference, saying the average increase of the past three years was less than the average inflation rate over the same period.

The minimum wage is set each year by ...