Next Year's Minimum Wage Rises 2.5% to 9,860 Won... Including Weekly Holiday Allowance, Monthly 2.06 Million Won (Update)

Final Decision by Vote
Cannot Exceed 10,000 Won

The minimum wage for next year has been finalized at 9,860 won, a 2.5% increase from this year.

The Minimum Wage Commission, which began discussions at 3 p.m. on the 18th, made this decision around 6 a.m. the following day during the 15th plenary session. This amount is 240 won (2.5%) higher than this year's minimum wage (9,620 won), amounting to 2,060,740 won based on 209 working hours per month.

In the early morning of the 19th, the voting results were posted on the monitor in the Minimum Wage Commission meeting room at the Government Complex Sejong in Sejong City. Public interest committee members, including Chairman Park Junsik (second from the left), are seated in the meeting room.
[Photo by Yonhap News]

During this marathon negotiation process, the commission proposed 7 to 10 revised drafts. The gap between the two sides, which was 825 won in the 7th revised draft, slightly narrowed to 775 won in the 8th revised draft. Accordingly, the public interest commissioners suggested a deliberation facilitation range of '9,820 won to 10,150 won' for next year's minimum wage. However, when the labor side opposed the public interest commissioners' proposal, the public interest commissioners requested a 9th revised draft.

In the 9th revised draft, the labor side demanded 10,020 won, and the management side 9,830 won, narrowing the difference to 190 won. The public interest commissioners requested an additional revised draft to derive next year's minimum wage through labor-management agreement. In the 10th revised draft, the management side proposed 9,840 won, but the labor side did not submit a proposal.

Consequently, the public interest commissioners attempted to proceed with a vote on a mediation proposal of 9,920 won, the midpoint of the 10th revised draft, but it was blocked due to opposition from the labor side.

Ultimately, a vote was held on the final proposals from labor and management. The labor side proposed 10,000 won, and the management side proposed 9,860 won. The voting results were 17 votes for 9,860 won from the employer representatives, 8 votes for 10,000 won from the worker representatives representing labor, and 1 invalid vote.

Currently, the Minimum Wage Commission consists of a total of 26 members: 8 worker representatives (out of 9, one was dismissed due to detention), 9 employer representatives, and 9 public interest commissioners.

[Image source=Yonhap News]