Key facts
- South Korea's Minimum Wage Commission set the legal hourly minimum wage at 10,700 won for the upcoming year.
- The new minimum wage represents a 3.7% increase from the current year.
- The decision followed negotiations where labor and management representatives submitted revised proposals.
- Labor's initial proposal was 12,000 won, while management sought to freeze the wage.
- This year's minimum wage saw a 2.9% increase.
South Korea's Minimum Wage Commission has finalized the legal hourly minimum wage for the upcoming year at 10,700 won, marking a 3.7 percent increase from the current rate. The decision was reached after extensive negotiations between labor and management representatives, who submitted a total of 12 revised proposals. Labor had initially sought 12,000 won per hour, while management had advocated for freezing the minimum wage. The final agreed-upon rate of 10,700 won represents a narrower gap compared to the previous year's 2.9 percent increase.