Presidential office respects decision on minimum wage for next year
President Lee Jae Myung speaks at a meeting with senior aides in Seoul, Thursday. Courtesy of the presidential office
The presidential office said Friday it respects a decision by a commission of workers, employers and experts that raised the minimum hourly wage for next year, describing it as meaningful because the decision was based on an agreement for the first time in 17 years.
The Minimum Wage Commission agreed late Thursday to raise the minimum wage for 2026 by 2.9 percent to 10,320 won ($7.51) per hour, in its first such decision since President Lee Jae Myung took office early last month.
"The decision was made by taking into account objective statistics, such as inflation, as well as economic conditions faced by vulnerable workers and small merchants," the office said in a statement.
"It is also significant as the decision was reached through an agreement among the labor, management and general public panels for the first time in 17 years since 2008, without a vote," it added.
The office pledged to actively promote the minimum wage, and to carry out guidance and inspection efforts to ensure its faithful implementation in workplaces.