South Korea set its 2027 minimum wage at 10,700 won, or $7.18 an hour, a 3.7% increase from this year approved after labor-management talks failed.

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...

Labor and management representatives negotiating next year's legal hourly minimum wage narrowed the gap in their wage proposals to 200 won ($0.13)...