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Labor and business representatives negotiating next year's minimum wage presented their 11th revised proposals on Friday, at 10,820 won and 10,620 won respectively.
The two sides made the proposals at the 14th plenary session of the Minimum Wage Commission, held at the Government Complex Sejong. Compared with this year's minimum wage of 10,320 won, labor sought a 4.8% increase and business proposed a 2.9% increase.
After 10 rounds of revised proposals from late last month through Friday failed to narrow the gap of 600 won between the two sides, the commission's public interest members presented a "deliberation facilitation range" of 10,600 to 10,860 won. Accordingly, the two sides submitted their 11th revised proposals within that range, narrowing the gap between their demands to 200 won.
Under the Minimum Wage Act, the Minister of Employment and Labor must finalize and announce next year's minimum wage by August 5.
