Seoul: The Minimum Wage Commission was set to hold this year's first review Tuesday to raise the national minimum hourly wage for next year, officials said. South Korea raised the minimum hourly wage by 1.7 percent to 10,030 won (US$7.03) for this year, marking the second-smallest recorded increase.

According to Yonhap News Agency, the labor sector, which had demanded 12,600 won last year, is expected to request a higher minimum wage this year. On the other hand, businesses are likely to call for a freeze. The commission, consisting of representatives from the government, labor, and business sectors, is required to complete its review within 90 days after receiving such a request. However, it is often delayed beyond its time limit.