Running head: LABOR PRACTICES IN SOUTH KOREALabor Practices in South KoreaStudents NameUniversity AffiliationProfessors NameDate of SubmissionLABOR PRACTICES IN SOUTH KOREA2Labor Practices in South KoreaThe Ministry of Employment and Labor (MOEL) (2017) approximates that 27 millionindividuals were economically active, there being an approximate employment rate of 67%. InJanuary 2017, the entire unemployment rate was at 3.8% which was very low compared to thatof youth ranging from 15 to 29 years of age which was 10%. South Korea has two primarynational labor federations which are; the Korean Confederation of Trade Unions (KCTU) and theFederation of Korean Trade Unions (FKTU). The KCTU is comprised of 373 labor unions and636, 260 members, while the FKTU is comprised of 2,372 labor unions and 843,502 members.However, there exists more than 3,000 labor unions and 445, 718 members who are not part ofthe national labor federation (Export.gov, 2017). The FKTU and KCTU are associated with theInternational Trade Union Confederation.Each and every year, the minimum wage is revised. The current minimum wage for 2018is 7,530 won/hour which is about $6.64/hour acc ...
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