South Korea announced it will raise the minimum wage by a three-year low of 2.5% in 2024 amid slowing growth and high inflation, reports Reuters, citing the country’s Minimum Wage Commission. The minimum hourly wage will be raised to KRW 9,860 (USD 7.78) next year, up from KRW 9,620 (USD 7.59) this year, the commission said. The figure was reached after 110 days of discussion; the most number of days it has ever taken reach an agreement. It will be the smallest increase since 2021, when the wage was raised by a record low of 1.5% amid the Covid-19 pandemic.