Labor and management, locked in last-minute talks over next year's minimum wage, submitted their 10th revised proposals at 11,150 won and 10,550 won, respectively.
The Minimum Wage Commission held its 14th plenary meeting at the Government Sejong Complex on the 14th and announced these 10th revisions. Compared with the previous proposals, labor lowered its demand by 70 won, while management raised its demand by 20 won.
Each year, the government convenes the Minimum Wage Commission to decide the next year's minimum wage. The commission is attended by a total of 27 members: nine labor Commissioners, nine employer Commissioners, and nine public-interest Commissioners.
Compared with the initial proposals, labor lowered its demand by 850 won, and management raised its demand by 230 won. As a result, the gap between the two sides narrowed from 1,680 won to 600 won. The commission plans to seek common ground through further discussions.
The employer Commissioners argue that the slump in domestic demand and the heavy labor-cost burden on small and midsize companies and microbusiness owners make it impossible to raise the minimum wage significantly. In contrast, the labor Commissioners say that even three proper meals a day are difficult on the minimum wage and are calling for a sharp increase.