Minimum wage 5th revision, labor 1ten thousand1,500won vs. management 1ten thousand440won

Labor and management 7day presented next year's minimum wage 5th revision: labor 1ten thousand1,500won, management 1ten thousand440won. This proposal is an issue drawing immediate attention to companies' labor costs and consumer indicators.

The gap between the two proposals has narrowed to 1,060won. The two sides are continuing further discussions after disclosing their 5th revision.

Labor representatives argued that an increase was necessary to bolster the incomes of low-income groups and support a recovery in domestic demand. Management representatives said that the size of the increase would raise inflation and the burden on small and medium-sized businesses.

This 5round of negotiations was opened as one of the consecutive procedures in the minimum wage calculation process. The proposals presented by labor and management that day were disclosed in the form of revised proposals adjusted within the existing consultation framework.

The results of the consultation are expected to be reflected in the final vote and government procedures. The government and the committee plan to finalize the schedule and decision-making method going forward.

The related industries under discussion include food service, retail, and convenience-store businesses, among others, where labor costs account for a high proportion of expenses. The degree of impact by industry may vary depending on whether labor and management reach an agreement.

Labor and management 7proposals were made public, and it was also confirmed that negotiations would continue. The schedule for the vote and the timing of finalizing the proposal will be key.