Sejong: Labor and management representatives have made significant progress in their negotiations over next year's minimum wage, narrowing the gap in their proposals to just 690 won (approximately US$0.46).

According to Yonhap News Agency, during a meeting of the Minimum Wage Commission held in Sejong, the labor side proposed an hourly minimum wage of 11,220 won for the coming year. In contrast, the management side put forward a proposal of 10,530 won. These latest figures represent an increase of 8.7 percent and 2.0 percent, respectively, from this year's rate of 10,320 won.

During the session, the labor side adjusted its proposal downward by 30 won, while the management side increased its offer by 10 won. The Minimum Wage Commission, which includes representatives from labor, business, and public interest groups, is tasked with finalizing the new minimum wage by mid-July. This decision is crucial as it will be formally announced by the labor minister by August 5.

The commission is set to reconvene next Tuesday for what is expected to be a decisive meeting in determining next year's hourly minimum wage.