Business representatives of the Minimum Wage Commission leave a plenary session of the committee at the government complex in the central city of Sejong, Tuesday. Yonhap
The Federation of Korean Industries, a major business lobby group, on Wednesday expressed regret over next year's legal hourly minimum wage, which was set at 10,700 won ($7.20).
The decision by the Minimum Wage Commission represents a 3.7 percent increase from the current rate of 10,320 won.
"Although small business owners had hoped for a freeze, we regret that the minimum wage, exceeds last year's increase," the federation said in a press release.
The business lobby group added that the new wage rate will inevitably worsen the financial hardships faced by micro-enterprises and the self-employed.
