SEOUL, June 30 — South Korea said on Thursday the Minimum Wage Commission agreed on a minimum hourly wage increase of 5 per cent to 9,620 won (RM33) for next year, in its first such decision since President Yoon Suk-yeol took office in May.

The pay hike will affect up to 3.4 million South Korean workers, the commission said, adding it put the country's growth, inflation and employment outlook into consideration when deciding it.

Former labour-friendly President Moon Jae-in had raised the minimum wage by 16.4 per cent in July 2017 in his first year of presidency, while the country saw a combined 41.6 per cent hike in the hourly minimum wage during his five-year term. — Reuters