Next year's minimum wage has been set at 10,030 won, breaking the 10,000 won mar

At the 11th plenary meeting of the Minimum Wage Commission held at the Sejong Government Complex, next year's minimum wage was set at 10,030 won per hour.

This is a 1.7% increase from this year's minimum wage of 9,860 won, which translates to a monthly salary of 2,096,270 won based on a 40-hour workweek.

As a result, the era of a 10,000 won minimum wage has arrived 37 years after the minimum wage system was introduced in 1988.

This decision was the result of a vote on the final proposals submitted by labor representatives (10,120 won) and business representatives (10,030 won), with the business proposal of 10,030 won per hour being finally confirmed.

In the vote, the business proposal received 14 votes, while the labor proposal received 9 votes.

Out of the 27 members of the Minimum Wage Commission, composed of 9 worker representatives, 9 employer representatives, and 9 public interest representatives, 23 participated in the vote, with 4 worker representatives from the Korean Confederation of Trade Unions (KCTU) abstaining.

It is known that 5 out of the 9 public interest representatives voted for the business proposal.

The 1.7% increase in the minimum wage this time is the second lowest in history, following the 1.5% increase in 2021.

Looking at the minimum wage increase rates over the past five years, there were fluctuations: 2.87% in 2020, 1.5% in 2021, 5.05% in 2022, 5.0% in 2023, and 2.5% this year.

According to the Ministry of Employment and Labor, the number of workers affected by the proposed minimum wage for next year is estimated to be 489,000 based on the survey of working conditions by employment type, and 3,011,000 based on the supplementary survey of the economically active population by the National Statistical Office.

The Ministry of Employment and Labor will finalize and announce next year's minimum wage by August 5, and it will take effect from January 1 next year.

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Next year's minimum wage has been set at 10,030 won, breaking the 10,000 won mark for the first time in history.