Next year's minimum wage has been set at 10,700 won per hour. That is up 380 won (3.7%) from this year's minimum wage of 10,320 won.
The Minimum Wage Commission resolved this at its 14th plenary meeting held at the Government Sejong Complex on the 14th. The commission consists of a total of 27 members: 9 labor Commissioners, 9 employer Commissioners, and 9 public interest Commissioners.
Earlier, the labor side proposed 12,000 won as its initial demand for next year's minimum wage. The employer side proposed 10,320 won, the same as this year. Through 14 plenary meetings, the labor side lowered its proposal to 10,770 won, and the employer side raised its proposal to 10,640 won. As a result, the gap between the two sides narrowed from 1,680 won to 130 won.
But it did not narrow further. Public interest Commissioners proposed 10,600–10,860 won as an expedited review range. The expedited review range is the minimum wage review band set by public interest Commissioners when no agreement is reached between labor and management.
In the final revision, a labor Commissioner proposed 10,730 won and an employer Commissioner proposed 10,700 won. After a vote, the employer Commissioners' plan secured a majority with 15 votes. The labor Commissioners' plan received 11 votes. The remaining one vote was counted as invalid.
At the commission, next year's hourly minimum wage was set at 10,700 won, and the commission's resolution will be submitted to the Minister of the Ministry of Employment and Labor (MOEL). The Minister will finalize and announce next year's minimum wage by Aug. 5 after going through objection procedures. It will take effect on Jan. 1 next year.