Key facts
- South Korea's Minimum Wage Commission is holding final negotiations for next year's minimum wage.
- Labor and management proposals are now separated by 690 won.
- The commission must finalize its decision by mid-July.
- The current minimum hourly wage is 10,320 won.
The Minimum Wage Commission (MWC) in South Korea is poised to determine next year's minimum wage during its 14th plenary meeting. The commission, comprising nine representatives each from labor, management, and the public interest sector, is working towards a decision by mid-July, as mandated by law, with the final announcement due from the labor minister by August 5.
At the latest meeting, labor proposed 11,220 won per hour, while management suggested 10,530 won. This represents a narrowed gap of 690 won from an initial difference of 1,680 won, though an agreement has yet to be reached. Public interest representatives are expected to play a key role, potentially proposing a range to facilitate an agreement or calling for a vote if consensus remains elusive.
The current minimum hourly wage in effect this year is 10,320 won, an increase of 2.9 percent from the previous year. The commission's deliberations may extend into the early hours of Wednesday due to the ongoing negotiations.