South Korea's two umbrella unions have denounced the parliament for including regular bonuses and welfare benefits as part of the minimum wage.

In a statement on Friday, the Federation of Korean Trade Unions(FKTU) said the decision by lawmakers is like a "death sentence" on the minimum wage law and a declaration of scrapping the government's income-led growth policy.

At a press conference on the same day, the Korean Confederation of Trade Unions(KCTU) also said the revisions would have a "lethal effect" on the country's low-income earners.

The KCTU said it will go on a two-hour strike on Monday to block the revision.  

The parliament's environment and labor committee agreed early Friday to include regular bonuses exceeding 25 percent of the minimum wage and welfare benefits such as lodging and transportation surpassing seven percent in the calculation of basic wages.

The committee plans to submit the revision bill to a parliamentary plenary session on Monday, and it will take effect next year if passed.