Labor, management narrow gap in minimum wage proposals to 200 won

The 14th plenary meeting of the Minimum Wage Commission is under way at Government Complex Sejong, Tuesday. Yonhap

Labor and management representatives negotiating next year's legal hourly minimum wage narrowed the gap in their wage proposals to 200 won ($0.13) on Tuesday in a last-minute effort to reach a final agreement.

The labor side proposed 10,820 won for next year's hourly minimum wage, whereas the management side proposed 10,620 won in their 11th revised proposals during a meeting of the Minimum Wage Commission.

The figures translate to an increase of 4.8 percent and 2.9 percent, respectively, from this year's 10,320 won.

The labor side had initially proposed 12,000 won, while the management side had called for freezing the minimum wage.

The latest proposals came after public interest representatives stepped in and proposed setting next year's hourly minimum wage between 10,600 and 10,860 won, which would mark a hike of 2.7 to 5.25 percent from this year's amount.

The commission, made up of representatives from labor, business and public interest groups, is required to finalize the new minimum wage by mid-July for a formal announcement by the labor minister by Aug. 5.

The representatives are expected to hold marathon negotiations on Tuesday to work out a final hourly minimum wage for next year.

This year's minimum hourly wage marked a 2.9 percent increase from last year.