Labor and management, which are negotiating next year's minimum wage, put forward "fourth revised proposals for the requested minimum wage amount" of 11,700 won and 10,410 won per hour, respectively. Compared with the previous proposals, labor lowered its request by 100 won and management raised its request by 20 won.
The Minimum Wage Commission held its 11th plenary session at the Government Complex Sejong on the 2nd and announced these fourth revised proposals. Each year, the government convenes the Minimum Wage Commission to decide the following year's minimum wage. The Minimum Wage Commission is attended by a total of 27 members: nine Labor Commissioners, nine Management Commissioners, and nine Public Interest Commissioners.
Earlier the same day, in the third revised proposals, labor called for 11,800 won and management called for 10,390 won. With the fourth revised proposals, the gap between the two sides narrowed from 1,410 won to 1,290 won. The Minimum Wage Commission plans to hold additional plenary sessions to further close this gap.
The Minister of the Ministry of Employment and Labor (MOEL) finalizes and announces next year's minimum wage by Aug. 5 each year based on the Minimum Wage Commission's deliberations.