Conservative Party (UK) others. Until 1999, Conservatives opposed the creation of a national minimum wage, as they believed it would cost jobs, and businesses would be reluctant to start business in the UK from fear of high labour costs. However the party have since pledged support and in the July 2015 budget, Chancellor George Osborne announced a national living wage of £9/hour, to be introduced by 2020, for those aged 25 and over. The National Minimum Wage in 2012 was £6.19 for over-21 year olds, so the proposed rises in National Living Wage by 2020 will represent a significantly higher pay for many.
Minimum wage in South Korea not reduce the sales of consumer goods by one-third, as some insist. If the minimum wage increase is the policy priority, shortening the operating hours will be a policy to compensate. The government only has to assure convenience stores, franchisees, and manufacturing subcontractors the right to organize 'Eul(을)'. Kim Chang-hwan, a professor of sociology at the University of Kansas, USA, also objected to Ju Jin-hyung's argument. In his blog he wrote, "The effect of the minimum hourly rate on the labor market is not established academically. The theory of economics suggests that if the minimum hourly rate is increased, the