Labor and management, which are negotiating next year's minimum wage level, presented hourly rates of 11,220 won and 10,530 won, respectively, as the "ninth revised minimum wage demand." Compared with the previous proposals, labor lowered its figure by 30 won, while management raised its figure by 10 won.
The Minimum Wage Commission held its 13th plenary meeting at the Government Sejong Complex on the 9th and announced the ninth revised proposal. The government convenes the Minimum Wage Commission every year to decide the following year's minimum wage. The commission is attended by a total of 27 members: 9 labor Commissioners, 9 employer Commissioners and 9 public interest Commissioners.
Earlier, in the eighth revised proposal, labor offered 11,250 won and management offered 10,520 won. With the ninth revision, the gap between the two sides narrowed from 730 won to 690 won. The commission plans to hold additional plenary meetings to further close this gap.
Based on the commission's discussions, the Minister of the Ministry of Employment and Labor (MOEL) finalizes and announces next year's minimum wage by Aug. 5 each year.