Next year's minimum wage has been officially set at nine-thousand-160 won per hour, up five-point-one percent from this year. 

The Ministry of Employment and Labor published the 440-won raise from this year in the government gazette on Thursday. 

The gazette also stated that applying 209 hours of work a month, the minimum wage per month will come to one-point-914 million won. 

The Minimum Wage Commission, the rate-setting body of nine representatives each from labor, business and the general public, made the decision on July 12.

The labor ministry opened a ten-day window last month for labor and management to raise objections. 

During the period, business groups filed complaints that the new minimum wage would threaten the survival of small and mid-sized businesses struggling to stay afloat amid the COVID-19 pandemic.

However, there has never been a review of the minimum wage once it is set by the commission. 

Labor Minister An Kyung-duk said the ministry respects the commission's decision to comprehensively take into account economic conditions at home and abroad, the employment situation and the hardships of low-income workers and small merchants.