▲ Kwon Soon-won, Chair of the Minimum Wage Commission, presides over the 13th plenary session held at the Government Complex Sejong on July 9.
Labor and management, currently negotiating the minimum wage for next year, presented their 9th revised proposals of 11,220 won and 10,530 won per hour, respectively, today.
The two sides submitted these figures during the 13th plenary session of the Minimum Wage Commission held at the Government Complex Sejong on this day (July 9).
These figures represent an 8.7% increase by the labor side and a 2.0% increase by the management side from this year's minimum wage of 10,320 won.
The gap between the two sides, which stood at 1,680 won at the time of the initial proposals (12,000 won for labor and 10,320 won for management), has narrowed to 690 won.
As the plenary session adjourned today following the 9th revised proposals, the Minimum Wage Commission plans to continue deliberations at the 14th plenary session next Tuesday.
If both sides fail to significantly narrow their differences in the next meeting, public interest commissioners may present a "deliberation promotion range," setting upper and lower limits to encourage an agreement or a vote within that range.
The legal deadline for the minimum wage deliberation for this year was June 29, which has already passed.
Even though the final deadline has passed, the Minimum Wage Commission must submit the minimum wage proposal to the Minister of Employment and Labor by mid-July, considering the remaining administrative procedures.
Afterward, the Minister of Employment and Labor must finalize and announce the minimum wage by August 5.
The wage will take effect starting January 1 of next year.
(Photo: Yonhap News)
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