Minimum Wage Gap for Next Year Narrows to 730 Won as Labor and Management Present 8th Revised Proposals (Comprehensive)

Labor Side Proposes 11,250 Won, Management 10,520 Won
Mediation Plan Possible by Public Interest Members if No Agreement Reached

As labor-management negotiations to determine next year's minimum wage enter their final stage, both sides have presented their eighth revised proposals, narrowing the gap to 730 won.

Kwon Soon-won, Chair of the Minimum Wage Commission, is presiding over the 13th plenary session held at the Minimum Wage Commission in the Government Complex Sejong on the 9th. Photo by Yonhap News

At the 13th plenary meeting of the Minimum Wage Commission held at the Government Complex Sejong on July 9, the labor side proposed an hourly wage of 11,250 won, marking a 9.0% increase from this year, while the management side suggested 10,520 won, a 1.9% increase. The gap between the two sides narrowed from 860 won in the seventh revised proposal to 730 won.

On this day, labor representatives argued that an increase is necessary to guarantee the livelihoods of low-wage workers and to help recover domestic demand. In contrast, management representatives countered that consideration should be given to the payment capacity of small business owners and SMEs.

If labor and management fail to reach an agreement, public interest members may present a mediation range to encourage a compromise or a vote. The minimum wage proposal must be submitted to the Minister of Employment and Labor by the middle of this month, and the minister will finalize and announce next year's minimum wage by August 5.

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