The 7th meeting of the Minimum Wage Commission discussing next year's minimum wage level was held on the 26th at the government Sejong building.

At the meeting, the workers' side proposed a minimum hourly wage of 11,460 won, which is a 14.3% increase from this year. The employers' side proposed an increase of 0.4%, offering 10,070 won. Compared to the initial proposal, the workers' side lowered their offer by 40 won and the employers' side raised theirs by 40 won. Thus, the difference in demands between the two sides was narrowed to 1,390 won.

Earlier, at the 6th meeting, the initial demands from both sides were 11,500 won (a 14.7% increase) and 10,030 won (no change), respectively.

On the 26th, Ryu Gi-jung, the user Commissioner, and Ryu Gi-seop, the worker Commissioner, who attend the 7th plenary meeting of the Minimum Wage Commission held at the Government Sejong/Sejong City Government Complex, listen to the remarks of the Commissioners before the meeting starts. /News1

At the meeting, the two sides presented revisions twice, somewhat narrowing the gap. Initially, through the first revision, the workers' side maintained their original proposal level of 11,500 won, while the employers' side proposed 10,060 won, an increase of 30 won. Following several meetings, both sides presented second revisions of 11,460 won and 10,070 won, respectively. Accordingly, the difference in demands between the two sides was narrowed from 1,470 won (initial demand) to 1,440 won (first revision) and finally to 1,390 won (second revision).

On the 26th, the first and second revisions presented between labor and management at the 7th plenary meeting of the Minimum Wage Commission. /Provided by Ministry of Employment and Labor

The meeting lasted from 3 p.m. to 9:30 p.m. It was reported that throughout the meeting, the two sides struggled to easily narrow their differences on the level of the minimum wage.

Workers' commissioners noted, "For several years, high inflation has continued, and the scope of the minimum wage inclusion has expanded, leading to a decline in the real wages of workers," adding that "the initial demand level presented by the workers' side is about half of what it has been in previous years, reflecting a careful consideration of the sharply stagnant domestic economy." On the other hand, employers' commissioners argued, "There are limits to the payment ability of small businesses and microenterprises," stating, "It will not be easy to raise the minimum wage compared to this year."

Meanwhile, as the two sides failed to reach an agreement on next year's minimum wage level, the decision on this year's minimum wage exceeded the legal deadline (June 29). However, the legal deadline is merely a recommendation, and there are no significant penalties for violations. Since the establishment of the minimum wage system in 1988, this deadline has been met only nine times. Typically, a conclusion is reached in early to mid-July. The 8th meeting of the Minimum Wage Commission is scheduled to be held on July 1.