The Ministry of Employment and Labor has made a final confirmation of next year's minimum wage at six-thousand-470 won, or about five-point-eight dollars, per hour and has notified the public.

The 2017 minimum wage has been raised by seven-point-three percent, or 440 won, from this year’s amount. It adds up to a 51-thousand-760 won per eight-hour working day and just over one-point-35 million won per month based on a 40-hour workweek.

The ministry estimates the hike will affect three-point-37 million people, which account for 17-point-four percent of South Korea's workforce.

The ministry plans to strengthen monitoring of companies to see whether they adhere to the new pay rate, as well as seek a revision to the minimum wage law to include a 20 million won fine on employers who refuse to provide the raised minimum wage. 

The Minimum Wage Council set the the new base pay amount during its 14th plenary meeting last month.