[News Today] MINIMUM WAGE TOPS 10,000 WON

[LEAD]
Next year's hourly minimum wage has been set at 10,030 won, around $7.30 U.S. dollars, marking the first symbolic breach of the 10,000 won threshold. The increase rate, however, is just 1.7%, ranking as the second lowest since the system's inception.

[REPORT]
Next year's hourly minimum wage has been set at 10,030 won or about 7 dollars 30 cents, marking the first time it surpassed the 10,000 won level since the minimum wage scheme was introduced 37 years ago.

The figure translates to nearly 2.1 million won per month, some 1530 dollars.

However the wage's on-year increase of 1.7% is the second lowest on record after 2021.

This means a mere 170 won (12 cents) went up from this year's minimum wage of 9,860 won.

And this year as well, the decision was made not through agreement but via vote.

Labor and management representatives struggled to narrow differences in marathon meetings that lasted past midnight.

Ryu Ki-seob / Federation of Korean Trade Unions
To ensure stable livelihood for minimum wage workers amid high inflation
and utility fee hikes.

Ryu Gi-jeong / Korea Enterprises Federation
Minimum wage is already quite high. Even though the rise is similar, the effect
was a gentle tide 20 years ago but now it's a tsunami.

Negotiations sped up when officials representing public interest proposed a narrowed-down option of anywhere between 10,000 won and 10,290 won, aimed at accelerated deliberations.

In the end, the management side proposed 10,030 won and labor, 10,120 won.
The voting result of 14 to 9 was a win for the management.

Four labor representatives affiliated with the Korean Confederation of Trade Unions boycotted the vote in protest of the earlier narrowed-down wage range.

It appears four public interest members voted for the labor's proposal and five for the management's plan.

Lee In-je / Minimum Wage Commission
It's regrettable we didn’t reach agreement acceptable to labor, management,
public interest parties as differences couldn't be bridged to the end.

The Minimum Wage Commission again passed the legal deadline on setting the rate by 2 weeks.
But earnest discussions lasted for only 4 days.

The decided wage will be formally notified by August 5 following a grace period to allow for objections to be raised.