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 under the law. South Korea has guaranteed its workers a minimum wage through the "Minimum Wage Act". Article 1 of the "Minimum Wage Act"(Objective) aims to ensure the minimum level of wages for workers so as to contribute to the sound development of the national economy by promoting the stabilization of their livelihood and the qualitative improvement of their workforce. The minimum wage in the Republic of Korea is determined by the Minimum Wage Commission under the Ministry of Employment and Labor. The Minimum Wage Commission consists of 27 employees, nine of whom are employee commissioners, user committee members and