Next Year's Minimum Wage Discussions Begin... Minimum Wage Commission Plenary Meeting to Be Held on the 22nd

Decision to Be Made After the New Government Takes Office

The Minimum Wage Commission, which decides next year's minimum wage, will begin full-scale discussions on the 22nd. Since an early presidential election will be held during the deliberation period, there is a prospect that the minimum wage increase rate may vary depending on the policy direction of the newly established government.

A banner displaying the 2023 minimum wage amount is erected in front of the Seoul Western Employment Welfare Plus Center. Photo by Heo Young-han

According to the Ministry of Employment and Labor on the 11th, the first plenary meeting of the Minimum Wage Commission will be held at the Government Complex Sejong in the afternoon of the 22nd. The Minimum Wage Commission is an institution under the Ministry of Employment and Labor established under Article 12 of the Minimum Wage Act, responsible for deliberating on minimum wage-related matters and other important issues. A total of 27 members participate, including 9 public interest members, 9 employer members, and 9 worker members, to decide the minimum wage level each year.

The first plenary meeting is expected to be the first formal meeting between labor, management, and public interest members. The Minimum Wage Commission is likely to engage in intense discussions to determine the increase rate by the legal deadline for next year's minimum wage deliberation, June 28. However, since it has been rare to meet the legal deadline in the past, the end of the deliberation period is expected to extend beyond the deadline. In particular, since an early presidential election will be held in June this year, there is a prospect that the increase rate may change depending on the policy direction of the newly established government.

Another point of attention is the possible changes in the composition of worker members due to term expirations this year. The Federation of Korean Trade Unions and the Korean Confederation of Trade Unions have each applied for the replacement of worker members and are awaiting official documents from the Ministry of Employment and Labor regarding the replacement. If changes are allowed, replacements will be made before the first plenary meeting. The labor sector had announced plans to release next year's minimum wage demand level on the 21st but is currently readjusting the timing.