Minimum Wage and Employment Structure: Evidence from Korean Industry-Level Data (in Korean)

Heon Jae Song (), Hyunjoon Lim () and Woori Shin ()
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Heon Jae Song: School of Economics, University of Seoul
Hyunjoon Lim: Economic Research Institute, The Bank of Korea
Woori Shin: School of Economics, University of Seoul

No 2018-41, Working Papers from Economic Research Institute, Bank of Korea

Abstract: This study analyzes the linkage between minimum wage and employment structure. As a result, rising ratio of the workers below minimum wage and who are affected by it turns out to lead to increases in the ratio of irregular workers to regular ones and wage gap between the two groups, but with only limited magnitudes. Furthermore we find that minimum wage hike negatively affects working hours and monthly wage. Although the impacts have been minimal, it is likely that the impact for this time turns out to be different from the previous cases, given the recent drastic minimum wage hike. Our study is meaningful in that we investigate empiric relationship between minimum wage and employment structure by using the data and analysis methodology differentiated from the existing research in circumstances where there is mounting concern as to the impact of rapid icreases in the minimum wage.

Keywords: Minimum wage; Workers below minimum wage; Workers affected by the minimum wage; Employment structure (search for similar items in EconPapers)
JEL-codes: J08 J31 J38 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2018-12-14
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