Key facts
- Labor and management representatives narrowed the gap in their minimum wage proposals for next year to 690 won.
- The labor side proposed 11,220 won per hour, while management proposed 10,530 won.
- These figures represent an 8.7% increase from labor's side and a 2.0% increase from management's side compared to this year's 10,320 won.
- The labor side lowered its proposal by 30 won, and the management side raised its proposal by 10 won in their latest revisions.
- The Minimum Wage Commission is composed of representatives from labor, business, and public interest groups.
- The commission must finalize the new minimum wage by mid-July, with a formal announcement by the labor minister expected by Aug. 5.
Labor and management representatives have narrowed the gap in their proposed minimum wages for the upcoming year to 690 won. In their ninth revision during a meeting of the Minimum Wage Commission, the labor side put forth a proposal of 11,220 won per hour, while the management side suggested 10,530 won. These figures represent potential increases of 8.7 percent and 2.0 percent, respectively, from the current year's minimum wage of 10,320 won. The labor proposal was reduced by 30 won, and the management proposal was increased by 10 won in their latest offers. The commission, comprising labor, business, and public interest group representatives, is tasked with finalizing the new minimum wage by mid-July, with a formal announcement from the labor minister expected by August 5. Another meeting is scheduled for next Tuesday, likely serving as a final opportunity to reach an agreement.