Final minimum wage talks set for Tuesday afternoon

Next year's minimum wage is likely to be decided Tuesday, with the Minimum Wage Commission (MWC) set to hold final negotiations at its 14th plenary meeting later in the day.

The MWC, a trilateral panel composed of nine representatives each from labor, management and the general public, is obliged to complete its review on the new minimum wage by mid-July for a formal announcement by the labor minister by Aug. 5 every year.

Last year, the MWC increased the minimum hourly wage by 2.9 percent to 10,320 won ($6.89), the rate in effect this year.

The MWC plenary meeting is set to begin at 3 p.m. at the Sejong Government Complex in the central administrative city, with the labor and management circles having narrowed the difference of their proposed minimum wages to 690 won.

At the last meeting, labor and management proposed 11,220 won per hour and 10,530 won, respectively, officials said. The gap has narrowed from an initial 1,680 won to 690 won, but both parties have yet to find the middle ground, they said.

The public interest representatives are expected to propose a "deliberation facilitation" range and urge the two sides to either reach an agreement within the range or put the matter to a vote. Amid a fierce confrontation between labor and management, the meeting may continue past midnight and into the early hours of Wednesday, the officials said.

The minimum wage increase for 2025 was 1.7 percent, following a 2.5 percent increase the previous year.

Yonhap