Fourth Revised Minimum Wage Proposals Presented... Labor-Management Gap Narrows to 1,150 Won

Gap Narrows by 120 Won from 1,270 Won in the Third Revised Proposal

For the revised proposals for next year's minimum wage, labor representatives suggested 11,260 won per hour, while business representatives proposed 10,110 won per hour.

Yonhap News Agency

At the 8th plenary session of the Minimum Wage Commission held at the Government Complex Sejong on July 1, both labor and management members presented these fourth revised proposals.

The gap between labor and management has narrowed from the initial 1,470 won to 1,150 won. Previously, the difference was reduced to 1,440 won in the first round, 1,390 won in the second round, and 1,270 won in the third round.

Compared to the third revised proposal, labor representatives lowered their demand by 100 won, while business representatives raised theirs by 20 won.

Since the initial proposal, labor’s demands have been revised as follows: 11,500 won per hour (a 14.7% increase from this year) → 11,500 won (14.7% increase) → 11,460 won (14.3% increase) → 11,360 won (13.3% increase) → 11,260 won (12.3% increase).

The business side’s proposals have changed as follows: 10,030 won (no increase) → 10,060 won (0.3% increase) → 10,070 won (0.4% increase) → 10,090 won (0.6% increase) → 10,110 won (0.8% increase).

Although the gap between labor and management over the minimum wage has narrowed to the 1,100 won range, their positions remain far apart. Business representatives continue to seek to minimize minimum wage increases due to the difficult economic situation, while labor representatives are pushing to raise the minimum wage to ensure a basic standard of living.