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2019 Eunoia

The Rise of Minimum Wage and
Its Pros And Cons

Yun Da-yeon

The government recently passed
laws deciding that Korea's minimum
wage would be increased to 8,590
won in 2020. Korea's minimum wage
has been steadily rising since 2011. In
2010, the minimum wage was 4,110
won, but, in 2011, it was increased 5.1
percent to 4,320 won. Since then, the
minimum wage has continued to rise.
The minimum wage in 2019 was 8,350
won, and the 2020 increase would be by
only 2.87 percent, a relatively low rise.
On both sides, there are various opinions about how to deal with the economic effects of minimum wage
increases.
For supporters, the argument is that the minimum wage should be raised even further. This is because
it can increase the monthly living allowance for the socially disadvantaged people who maintain their
living through part-time work. Also, it increases the wages of non-regular workers and contract workers.
As wages increase, socially disadvantaged people can live better lives. On the other side, opponents think
that the minimum wage is too high. They believe that the high minimum wage increases labor costs and
the burden they bring. They insist that employers will reduce the number of hired workers, and that part-
time employment will be increased. In addition,
prices go up due to the higher minimum wages.
The rise of minimum wage has advantages and
disadvantages. However, the good outweighs the
bad in regards to its constant rise. This is because
the rise of the minimum wage is the easiest
way to guarantee a stable life for economically
disadvantaged people.

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