Labor cuts 2027 minimum wage demand

Labor lowered its proposed 2027 hourly minimum wage to 11,700 won, while businesses offered 10,410 won as negotiations continue next week.

Published
A document shows discrepancies between labor and state authorities over next year's minimum hourly wage during a meeting held at Sejong Government Complext on July 2.
A document shows discrepancies between the labor and business sides over next year's minimum hourly wage during a meeting held at Sejong Government Complext on July 2.

The labor side revised down its proposed hourly minimum wage for next year to 11,700 won ($7.60) during ongoing wage-setting negotiations Thursday, still higher than the business side's proposal.

The revised minimum wage proposal was presented by the labor side at a plenary session of the Minimum Wage Commission, down from its initial proposal of 12,000 won. The latest proposal marks the labor side's fourth revision from its initial offer.

During the meeting, the business side proposed 10,410 won, narrowing the gap between the two sides down to 1,290 won.

The minimum wage is set each year by the Minimum Wage Commission, which is made up of representatives from labor, business and public interest.

The two sides plan to meet again next week in an attempt to reach an agreement, though observers expected negotiations to continue until mid-July.

If the two sides continue to fail to reach an agreement, public interest representatives could step in to mediate the negotiations.

This year's minimum hourly wage is 10,320 won, up 2.9 percent from last year.


Yonhap