Labor and Management Propose 10,820 Won and 10,620 Won for Minimum Wage... Gap Narrows to 200 Won

14th Plenary Session Held at Government Complex Sejong on July 14

On July 14, as part of the 11th round of negotiations on next year’s minimum wage, labor and management each proposed revised figures of 10,820 won and 10,620 won, respectively.

Yonhap News

Both sides put forward these proposals during the 14th plenary session of the Minimum Wage Commission, held at the Government Complex Sejong on the same day.

The organized labor side suggested a 4.8% increase from this year's minimum wage of 10,320 won, while the management side proposed a 2.9% increase.

Despite 10 rounds of revised proposals since the end of last month up to this day, the 600-won gap between the demands of labor and management remained unchanged. Therefore, the public interest members of the Minimum Wage Commission presented a “deliberation facilitation range” of 10,600 to 10,860 won during the session.

As a result, both sides presented their eleventh revised proposals within that facilitation range. The difference between their positions has now narrowed to 200 won.

According to the Minimum Wage Act, the Minister of Employment and Labor is required to officially announce next year’s minimum wage by August 5. Considering the administrative procedures needed beforehand, it is highly likely that the Minimum Wage Commission will conclude the negotiations and finalize the minimum wage on this day.

This content was produced with the assistance of AI translation services.