The debate over next year's minimum wage continues as the gap between labor and management has narrowed to 600 won.
On July 14, the Minimum Wage Commission held its 14th plenary meeting at the Government Sejong Center to discuss the minimum wage for the upcoming year. Both sides presented their 10th revised proposals during the meeting.
The labor sector proposed a minimum wage of 11,150 won, which is 850 won lower than their initial demand, while the management sector suggested a minimum wage of 10,550 won, an increase of 230 won from their original request. Both proposals represent increases of 8.0% and 2.2%, respectively, compared to this year's minimum wage. The gap in the 10th revised proposal is 600 won, down from 690 won in the 9th revised proposal, significantly reduced from the initial gap of 1,680 won.
Both sides are continuing discussions to bridge this gap. As the differences are decreasing, if the pace of narrowing slows, there is a higher likelihood that public interest representatives will propose a 'facilitation range' to encourage agreement or voting within set limits.
This is crucial as the minimum wage must be determined by mid-July, considering the remaining administrative procedures. The Minister of Employment and Labor is required to finalize and announce the minimum wage based on the commission's proposal by August 5.
* This article has been translated by AI.
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