Labor proposes 11,500 won minimum wage for next year, narrowing gap with business
En resumen
- Labor representatives have lowered their proposal for South Korea's hourly minimum wage for next year to 11,500 won, narrowing the gap with the business side's offer of 10,440 won.
- The Minimum Wage Commission will continue negotiations.
Resumen generado por IA
Por qué importa
Labor and business representatives are negotiating South Korea's minimum wage for the upcoming year. The Minimum Wage Commission, comprising labor, business, and public interest groups, is responsible for setting the rate.
SEJONG, July 7 (Yonhap) -- Labor representatives on Tuesday lowered their proposal for the country's hourly minimum wage for next year to 11,500 won (US$7.53), narrowing the gap with the business side's proposal.
The labor side proposed its fifth revised amount for next year's hourly minimum wage during a plenary session of the Minimum Wage Commission.
The latest proposal marks a 200-won drop from its previous proposal made last week.
The business side upped its proposal by 30 won to 10,440 won over the same period. The gap between the two sides narrowed to 1,060 won from the previous 1,290 won.
The labor side's latest proposal represents an 11.4 percent increase from this year's minimum wage of 10,320 won, while that of the business side marks a 1.2 percent rise.
The minimum wage is set each year by the Minimum Wage Commission, which is made up of representatives from labor, business and public interest groups.
If the two sides continue to fail to reach an agreement, public interest representatives could step in to mediate negotiations.
This year's minimum hourly wage marked a 2.9 percent increase from last year.
Preguntas abiertas
- Will an agreement be reached?
- What will the final minimum wage be?
