NEXT YEAR'S MINIMUM WAGE

[Anchor Lead]

After 13 hours of heated discussions, labor and management have decided to raise the minimum wage for next year by 2.87 percent. Now, this is the lowest raise in ten years which has led many to conclude, that the government is trying to slow down the pace in the increase of minimum wage.

[Pkg]

​A vote is held for the 8590-won minimum wage proposed by management and the 8880-won wage proposed by labor. The result - the hourly minimum wage will be raised by 240 won to 8590 won, as had been proposed by management. The increase rate is 2.87 percent, the lowest in ten years. It indicates that the pace of minimum wage increase is being adjusted.

[Soundbite] KWON SUN-WON(COMMITTEE ON MINIMUM WAGE INCREASE) : "The wage has been raised nearly 10 percent on average by the current administration. This trend should be taken into account."

The meeting of the committee on the minimum wage increase began at 4:30 p.m. Thursday local time, but was adjourned multiple times due to stark differences between labor and management. After discussing the matter late into the night, members representing public interests demanded that a vote be held on the final proposal. The employer commissioner and some of the members representing workers expressed willingness to participate. At 5:30 a.m. Friday, about 13 hours after the start of the meeting, the results of the vote were out.

[Soundbite] PARK JUN-SHIK(COMMITTEE ON MINIMUM WAGE INCREASE) : "The decision reflects the consensus that more flexibility is needed to respond to the reality we are facing."

Labor blasted the decision by calling it an attempt to cut the minimum wage. Management expressed hope that the decision will help alleviate the burden of small entrepreneurs. The minimum wage will be finalized by the minister of labor by August 5. Should there be any objections, the labor minister can request the matter be deliberated again.