Minimum Wage Proposals Narrow Gap to 690 Won Difference
Quick Look
- Labor and management representatives narrowed the gap in their minimum wage proposals for next year to 690 won (US$0.46).
- The labor side proposed 11,220 won, while management proposed 10,530 won.
AI-generated summary
Why It Matters
Labor and management representatives are negotiating the hourly minimum wage for the upcoming year. The Minimum Wage Commission must finalize the new rate by mid-July.
SEJONG, July 9 (Yonhap) -- Labor and management representatives narrowed the gap in their minimum wage proposals for next year to 690 won (US$0.46) on Thursday.
The labor side proposed 11,220 won for next year's hourly minimum wage, whereas the management side proposed 10,530 won in their ninth revisions during a meeting of the Minimum Wage Commission in the central administrative city of Sejong.
The figures translate to an increase of 8.7 percent and 2.0 percent, respectively, from this year's 10,320 won.
In their latest proposals, the labor side lowered its amount by 30 won, while the management side raised its proposal by 10 won.
The commission, made up of representatives from labor, business and public interest groups, must finalize the new minimum wage by mid-July for a formal announcement by the labor minister by Aug. 5.
The commission will meet again next Tuesday in a likely final attempt to set next year's hourly minimum wage.
What to Watch
AI outlook — possibilities, not facts
The Minimum Wage Commission will finalize next year's hourly minimum wage.
Very likely · Within weeks
Open Questions
- Will an agreement be reached next Tuesday?
- What will the final minimum wage be?
