▲ 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)

(3rd LD) minimum wage-negotiations

(3rd LD) Hourly minimum wage set at 10,700 won for 2027, up 3.7 pct from this year

(ATTN: UPDATES with details)

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, which consists of representatives from labor, business and public interest groups, made the final decision after labor and business members presented 13 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 at this year's 10,320 won.

As the labor and management sides failed to further narrow the gap between their final proposals of 10,730 and 10,700 won, respectively, the commission ultimately put the matter to a vote, choosing the management side's proposal.

The commission was 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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