The Impact of the 1988 Minimum Wage Introduction in South Korea |
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AbstractKEKA Working Papers No. 22This study analyzes the impact of the minimum wage on employment and wages in South Korea. To causally estimate the impact, I utilize the first implementation of the minimum wage in the manufacturing sector in 1988, the subsequent expansion of industries covered by the minimum wage and the rapid increase in the minimum wage level. The estimation results reveal that in industries with a high proportion of workers whose wages needed to be raised to the minimum wage due to the introduction or increase of the minimum wage, there was a lower rate of employment growth and a higher rate of wage growth. |
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