The labor and management sides, currently negotiating the minimum wage for next year, have submitted their 5th revised proposals of 11,500 won and 10,440 won per hour, respectively.

Labor and management presented these figures during the 12th plenary session of the Minimum Wage Commission held at the Government Complex Sejong today (July 7).

Compared to this year's minimum wage of 10,320 won, these proposals represent an increase of 11.4% for the labor side and 1.2% for the management side.

Compared to the 4th revised proposals submitted on July 2, the labor side lowered its figure by 200 won, while the management side raised its figure by 30 won.

The gap between the two sides has narrowed from 1,290 won to 1,060 won.

Both sides plan to continue deliberations at the plenary session to further narrow this gap.

If the two sides fail to significantly bridge their differences, public interest commissioners may propose a "deliberation facilitation range," which serves as an upper and lower limit.

In such a case, the public interest commissioners can encourage an agreement or a vote within that range.

(Photo: Yonhap News)