Labor and Management Propose 10,770 Won and 10,640 Won for Minimum Wage... Narrow Gap to 130 Won
Minimum Wage Commission Holds Plenary Session on July 14
Labor and Management Present 12th Amended Proposals Within Acceleration Range
On July 14, labor and management representatives negotiating next year's minimum wage each proposed their 12th amended plans: 10,770 won from the labor side and 10,640 won from the management side. The difference between the two parties is 130 won.
The two sides announced their proposals at the 14th plenary session of the Minimum Wage Commission, held at the Government Complex Sejong on this day. Based on this year's minimum wage of 10,320 won, the labor side suggested a 4.4% increase, while the management side proposed a 3.1% increase.
Previously, since the end of last month through today, public interest members of the Minimum Wage Commission had suggested a "deliberation acceleration range" of 10,600 to 10,860 won, after 10 rounds of amended proposals failed to narrow the gap between labor and management from 600 won.
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According to the Minimum Wage Act, the Minister of Employment and Labor must officially announce next year's minimum wage by August 5. Taking into account the necessary administrative procedures before then, it is highly likely that the Minimum Wage Commission will finalize negotiations and decide on the minimum wage on this day.
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