The minimum wage for next year has been finalized at 10,700 won per hour.

The Minimum Wage Commission, consisting of representatives from labor, management, and public interest commissioners, reached this decision during its 14th plenary session held at the Government Complex Sejong on July 14.

This represents an increase of 380 won, or 3.7%, from this year's minimum wage of 10,320 won per hour.

The year-on-year growth rate of the minimum wage, which fell from 5.0% in 2023 to 2.5% in 2024, 1.7% in 2025, and 2.9% this year, has returned to the 3% range for the first time in three years.

Previously, on June 23, the labor sector initially proposed a minimum wage of 12,000 won for next year, a 16.3% increase from this year, while the management sector proposed freezing it at 10,320 won.

Since then, both sides presented 12 rounds of revised proposals up until today, narrowing the gap to 130 won.

Public interest commissioners suggested a "deliberation promotion range" of 10,600 to 10,860 won and recommended that both sides agree on 10,720 won per hour, but the proposal failed as labor and management could not reach an agreement.

Ultimately, after the labor side proposed 10,730 won and the management side proposed 10,700 won as their final 13th revised proposals, a vote was held among 27 commissioners.

The management side's proposal was finalized with 15 votes, while the labor side's proposal received 11 votes, with one invalid vote.