What do you think are pros and cons of increased minimum wage?

This essay is about minimum wage increase policy released on Jul 15th 2017.

I want to make sure that it is my personal opinion not related to any political purposes. 

Topic)

The minimum wage in South Korea has gone up by 16% to 7,530 won, marking the biggest jump in two decades. 

​What do you think are pros and cons of increased minimum wage?

 Moon administration’s announcement to increase the minimum wage by 16% has triggered a heated controversy among stakeholders.

Some people welcomed the decision in terms of private economy supports, however, others pointed such a drastic increase will burden company’s finance and result in job reduction in the end.

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​ There are clear pros and cons about the minimum wage increase policy released this time. 

 Minimum wage increase will lead the temporary workers to spend more money by raising their disposable income and it will have certain positive impacts on our economy. I believe the intention and direction of the measure is right in a long term strategy. However, drastic increase in minimum wage can cause side-effects like job reduction and company's finance deficit. According to the media, when the government releases the plan to increase the minimum wage by two digits every year by 2020, many business units may choose to fire their workers instead of raising their salary. This is a typical example of how companies respond to this policy and it is the different situation developments that the​ government aims to achieve through this measure. Current situation I illustrated above can lead business contraction and hit the overall economy.

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 To sum it up, minimum wage increase has many pros in itself if it develops well as the government intended.However, given the measure’s sharpness and correlated side-effects, the minimum wage increase has more cons now.