▲ Labor and business representatives of the Minimum Wage Commission attend a plenary session of the committee at the government complex in the central city of Sejong on July 14, 2026. (Yonhap)

(2nd LD) minimum wage-negotiations

(2nd LD) Hourly minimum wage set at 10,700 won for 2027, up 3.7 pct from this year

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SEJONG, July 14 (Yonhap) -- The Minimum Wage Commission on Tuesday decided to set next year's legal hourly minimum wage at 10,700 won (US$7.20), up 3.7 percent from this year.

The commission made the final decision after labor and management representatives made 12 revised proposals during the negotiations.

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

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.

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

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