Labor, Management Narrow Minimum Wage Gap to 1,410 Won

The gap between labor and management over next year's minimum wage has narrowed to 1,410 won per hour. However, the two sides' proposed increase rates remain far apart, at 14.4% and 0.7% respectively.

The Minimum Wage Council held its 11th plenary meeting Wednesday afternoon at the Government Complex Sejong and received third revised proposals from both labor and management. The council consists of 27 members, with nine each representing workers, employers, and the public interest.

Under the third revised proposals, labor presented 11,800 won per hour, a 14.4% increase, which is 1,480 won higher than this year's minimum wage of 10,320 won per hour. Management countered with 10,390 won, a 0.7% increase, 70 won higher than this year.

Each year, once labor and management submit their final revised proposals, the minimum wage is determined by a vote or agreement based on the two proposals or a mediation proposal.