The government initiated the procedure to determine next year's minimum wage on the 31st.
The Ministry of Employment and Labor noted that Minister Kim Moon-soo requested a review of the minimum wage at the Minimum Wage Commission on this day.
The Minister requests the Minimum Wage Commission to review the next year's minimum wage by March 31 each year, according to the Minimum Wage Act. The Minimum Wage Commission must submit the results to the Minister within 90 days from the date of receiving the review request. Typically, the next year's minimum wage is determined around July each year.
In this regard, the Minimum Wage Commission has tentatively decided to hold its first plenary meeting on April 22. The commission is composed of a total of 27 members, including 9 worker representatives, 9 employer representatives, and 9 public interest representatives.
Both labor and management have reportedly not yet decided on the extent to which they will demand the minimum wage increase for next year. This year's minimum wage is 10,030 won, a 1.7% increase from the previous year. Assuming a 40-hour work week and 209 hours per month, the monthly wage would be 2,096,270 won.