Minimum wage negotiations, labor side proposes 10,770 won and business side 10,640 won

In the finalstage negotiations to determine next year’s minimum wage, labor and management each put forward their 12th revised proposal, of 10,770 won and 10,640 won per hour, respectively. The Minimum Wage Commission held its 14th plenary session on the 14th at the Government Complex Sejong and continued negotiations. The labor side’s proposal is 4.4% higher than this year’s, while the management side’s proposal is 3.1% higher. The two sides have exchanged revised proposals several times since the end of last month, but have not been able to narrow the gap enough. Publicinterest members on this day suggested a deliberation facilitation range of 10,600 won to 10,860 won per hour. Based on this range, the labor and management sides are expected to submit additional revised proposals, or next year’s minimum wage will ultimately be decided through an agreement or a vote. The Minister of Employment and Labor must announce this by August 5.