Minimum wage proposals narrow to 690 won

Labor and management representatives narrowed the gap in their minimum wage proposals for next year to 690 won ($0.46) on Thursday.

The labor side proposed 11,220 won for next year's hourly minimum wage, whereas the management side proposed 10,530 won in their ninth revisions during a meeting of the Minimum Wage Commission in the central administrative city of Sejong.

The figures translate to an increase of 8.7 percent and 2.0 percent, respectively, from this year's 10,320 won.

In their latest proposals, the labor side lowered its amount by 30 won, while the management side raised its proposal by 10 won.

The commission, made up of representatives from labor, business and public interest groups, must finalize the new minimum wage by mid-July for a formal announcement by the labor minister by Aug. 5.

The commission will meet again next Tuesday in a likely final attempt to set next year's hourly minimum wage.

Yonhap