Minimum Wage Proposals Narrow Gap to 860 Won
Quick Look
- Labor and management representatives narrowed the gap in their minimum wage proposals for next year to 860 won.
- Labor proposed 11,350 won and management proposed 10,490 won in their seventh revisions during a Minimum Wage Commission meeting in Sejong.
AI-generated summary
Why It Matters
Labor and management representatives are negotiating the minimum wage for the upcoming year. The Minimum Wage Commission, composed of labor, business, and public interest groups, is facilitating these discussions.
SEJONG, July 9 (Yonhap) -- Labor and management representatives narrowed the gap in their minimum wage proposals for next year to 860 won (US$0.57) on Thursday.
The labor side proposed 11,350 won for next year's hourly minimum wage, whereas the management side proposed 10,490 won in their seventh revisions during a meeting of the Minimum Wage Commission in the central administrative city of Sejong.
The figures translate to an increase of 10 percent and 1.6 percent, respectively, from this year's 10,320 won.
The commission is made up of representatives from labor, business and public interest groups.
During the previous session on Tuesday, the gap was narrowed to 990 won.
Open Questions
- Will an agreement be reached?
- What will the final minimum wage be?
