Minimum Wage Surpassing 10,000 Won? ...Decision May Be Made As Early As Tonight

If the increase rate exceeds 3.95%, it surpasses 10,000 won
109 days until resolution... the longest record since 2016

The level of next year's minimum wage will be decided on the night of the 18th or the early morning of the 19th. Attention is focused on whether the minimum wage will surpass 10,000 won for the first time in history.

The Minimum Wage Commission plans to hold the 14th plenary meeting at 3 p.m. on the 18th at the Government Complex Sejong to continue the final discussions on next year's minimum wage.

Chairman Park Junsik requested both labor and management sides to submit the 7th revised proposals at this plenary meeting.

Previously, labor and management presented the 6th revised proposals at the last plenary meeting, suggesting 10,620 won and 9,785 won respectively. These are 10.4% and 1.7% higher than this year's minimum wage (9,620 won).

The minimum wage deliberation proceeds by narrowing the gap after both sides present their initial demands. The gap between the two sides has narrowed from 2,590 won to 835 won.

Photo taken on the 17th at Mapo-gu Seoul Western Employment Welfare Plus Center. [Image source=Yonhap News]

However, the prevailing view is that it will not be easy to reach an agreement due to the significant difference in positions between labor and management. In this case, the public interest commissioners may propose a deliberation promotion range and then prepare a mediation proposal to be put to a vote.

A key focus of this minimum wage discussion is whether it will surpass 10,000 won for the first time ever. If the increase rate exceeds 3.95% (380 won), next year's minimum wage will exceed 10,000 won.

The minimum wage and year-on-year increase rates over the past five years are as follows: 2019 - 8,350 won (10.9%), 2020 - 8,590 won (2.87%), 2021 - 8,720 won (1.5%), 2022 - 9,160 won (5.05%), and this year - 9,620 won (5.0%).

This year is expected to be recorded as the year that took the longest to decide the minimum wage level. If decided on this day, the period taken for the minimum wage deliberation will be 109 days, breaking the longest record of 108 days set in 2016.

This content was produced with the assistance of AI translation services.