Sejong: Labor and management representatives have successfully reduced the gap in their minimum wage proposals for next year to 730 won (approximately US$0.48) during their latest meeting. The meeting, held by the Minimum Wage Commission in Sejong, saw both parties present their eighth revisions, aiming for a consensus on the new wage standards.

According to Yonhap News Agency, the labor side has proposed an hourly minimum wage of 11,250 won for the upcoming year. This figure represents a 9 percent increase from the current year's minimum wage of 10,320 won. In contrast, the management side has put forward a proposal of 10,520 won, which marks a 1.9 percent increase. These adjustments came after the labor side reduced its previous proposal by 100 won, while the management side increased its offer by 30 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. The finalized figure is set to be formally announced by the labor minister by August 5.