The 13th plenary meeting of the Minimum Wage Commission is under way at the Sejong Government Complex, Thursday. Yonhap
Next year's minimum wage is likely to be determined as early as Tuesday, as the Minimum Wage Commission (MWC) was set to hold final negotiations at its 14th plenary meeting later in the day.
The MWC, a trilateral panel composed of nine representatives each from labor, management and the general public, is obliged to complete its review on the new minimum wage by mid-July for a formal announcement by the labor minister by Aug. 5 every year.
Last year, the MWC increased the minimum hourly wage by 2.9 percent to 10,320 won ($6.89), the rate in effect this year.
The MWC plenary meeting was set to begin at 3 p.m. at the Sejong Government Complex in the central administrative city, with the labor and management circles having narrowed the difference of their proposed minimum wages to 690 won.
