Next Year's Minimum Wage Set at "10,600-10,860 Won"... Public Interest Members Propose Deliberation Facilitation Range
Minimum Wage Commission Holds Plenary Session at Government Sejong Complex on July 14
The minimum wage for 2027 will be set between 10,600 won and 10,860 won.
At the 14th plenary session of the Minimum Wage Commission, held at the Government Sejong Complex on July 14, public interest members proposed this "deliberation facilitation range" to help close the gap between labor and management. As a result, the proposed increase rate compared to this year's minimum wage of 10,320 won is between 2.7% and 5.25%.
On the 14th, when the 14th Plenary Meeting of the Minimum Wage Commission was held, Kwon Soonwon, Chairman of the Minimum Wage Commission, was entering the plenary meeting room of the Minimum Wage Commission at the Government Complex Sejong for the resumption of the meeting. Photo by Yonhap News.
View original imageThe lower limit of 2.7% reflects this year's projected consumer price inflation rate of 2.7%. The upper limit of 5.25% was derived by adding the average of the economic growth rate forecasts for this year presented by the Bank of Korea (2.6%) and the Korea Development Institute (2.5%), which is 2.55%, to the consumer price inflation rate forecast of 2.7%, a figure cited by both institutions.
Earlier in the day, during the meeting, the employer side had presented a revised minimum wage proposal of 10,550 won per hour as their 10th revised offer, while the employee side proposed 11,150 won per hour. Compared to these, the lower end of the public interest members' facilitation range is 50 won higher, while the upper end is 290 won lower.
Hot Picks Today
"South Koreans Are All Buying It to Take Home"... This "Drug" Costs 350,000 Won in Korea but Just 80,000 Won in Japan
- "Buy While It's Cheap"... Retail Investors Snap Up KRW 30 Billion in Bank Gold Bars as Prices Fall, Flocking In at a Frenzy
- "I Won't Be Able to See My Own Funeral When I Die"... U.S. Grandmother Holds "Living Funeral" for Her 80th Birthday
- "After Calculating Our Bonuses, It's at Least 3 Billion Won; Feels Like We've Escaped the Working Class"... Samsung Electronics DS Couple's Post
- "Bride Lee Dogyeong, Groom Lee Dogyeong"... Couple Share the Same Name and Date of Birth: "This Must Be Fate"
Because the gap between labor and management failed to narrow, public interest members presented this facilitation range after hearing opinions from both sides. Moving forward, both labor and management will propose revised offers within this range. The final minimum wage for next year will be determined through either consensus or a vote.
© The Asia Business Daily. All rights reserved. Unauthorized AI training and use prohibited.
