Labor representatives from the Federation of Korean Trade Unions and Korean Confederation of Trade Unions speak to reporters at Government Complex Sejong after the Minimum Wage Commission finalized next year's hourly minimum wage at 10,700 won ($7.10), Tuesday. Yonhap
Next year's minimum wage, set with a modest increase, is reinforcing the view that President Lee Jae Myung's administration is pursuing a pragmatic economic agenda that balances the interests of workers and employers, according to analysts, Wednesday.
The hourly minimum wage for 2027 was set at 10,700 won ($7.10) on Tuesday, up 380 won, or 3.7 percent, from this year's 10,320 won.
The latest adjustment follows this year's 2.9 percent raise, bringing the average annual growth rate during the Lee administration's first two years in office to 3.3 percent.
The figure represents the second-lowest average annual rise among all governments since the minimum wage system was introduced, trailing only former President Yoon Suk Yeol's administration, which posted a record-low average of 3.1 percent.
