Deliberations to determine the minimum wage for 2026 will begin on the 22nd.
The Minimum Wage Commission will hold its first plenary meeting at 3 p.m. at the Government Sejong Building today and start deliberating next year's minimum wage. The commission consists of 27 members, with 9 each representing workers, employers, and the public.
The commission must complete deliberations on next year's minimum wage by June 29. This is because the commission is required to vote on and submit the minimum wage within 90 days of receiving the request for deliberation from the Minister of Employment and Labor. Previously, former Minister of Employment and Labor Kim Moon-soo requested a deliberation on March 31. However, since the implementation of the minimum wage system, there have only been 9 instances where the deadline was met.
The plenary meeting will proceed with Chairperson Lee In-jae delivering an opening statement, followed by statements from the worker commissioners, employer commissioners, and public commissioners.
Subsequently, the meeting will be converted to a closed session. The commissioners are expected to formally receive the Minister's request for deliberation and discuss future meeting schedules.
This year's minimum wage was set at an hourly rate of 10,030 won for the first time, exceeding 10,000 won. However, the rate of increase was 1.7% (170 won), which is the second lowest historically, excluding 2021's 1.5%.
There is a high likelihood that the labor sector will demand a minimum wage increase again this year. Last year, they requested 12,600 won as the minimum wage. In contrast, the management sector is anticipated to argue for a freeze.