Key facts
- The labor side has proposed an hourly minimum wage of 11,700 won for next year.
- This represents a reduction from their initial proposal of 12,000 won.
- The business side's counter-proposal is 10,410 won.
- The current minimum hourly wage is 10,320 won.
The labor side has lowered its proposed hourly minimum wage for next year to 11,700 won (US$7.56) during ongoing wage-setting negotiations. This revised proposal, presented at a Minimum Wage Commission session, is down from their initial offer of 12,000 won. The business side has put forward a proposal of 10,410 won, narrowing the gap between the two sides to 1,290 won. The Minimum Wage Commission, composed of labor, business, and public interest representatives, sets the minimum wage annually. Negotiations are expected to continue into mid-July, with public interest representatives potentially mediating if an agreement is not reached. The current minimum hourly wage stands at 10,320 won, a 2.9 percent increase from the previous year.