Minimum wage workers in South Korea are set to see their pay increase to 9,160 won per hour next year.

The Ministry of Employment and Labor on Thursday published official notice of the 5.1 percent increase from the current 8,720 won an hour.

The pay hike will take effect on January, 1, 2022, and translate to a monthly wage of 1.91 million won.

According to the ministry, three business groups had filed objections to the wage increase during the legal review period, but all were rejected.

Negotiations this year had centered on labor representatives' demands for a bigger wage increase and business representatives' calls for a freeze amid financial hardships brought on by the prolonged COVID-19 pandemic.

The resulting figure also fell short of President Moon Jae-in's campaign pledge to raise the minimum wage to at least 10,000 won before the end of his term in office.