South Korea's first amendment to the minimum wage... 11,200 won for the labor sector and 9,870 won for the business sector - a ”13.5% difference”

As negotiations continue in South Korea over next year's minimum wage, the labor and business communities have presented their first revised proposals. The labor community has proposed 11,200 won (about 1,304 yen), while the business community has proposed 9,870 won.
The labor community reduced the minimum wage by 1,400 won from the initial proposal of 12,600 won, but the business community only agreed to an increase of 10 won.
The Korea Minimum Wage Committee held its 9th general meeting at the Government Complex Sejong on the 9th to discuss next year's minimum wage.
On the same day, the labor committee requested the first amendment to both labor and management. In the first amendment, the labor committee proposed an hourly wage of 11,200 won, a 13.6% increase from the previous year, while the employer committee proposed an hourly wage of 9,870 won, a 0.1% increase.
The labor movement proposed an initial demand of 12,600 won, a 27.8 percent increase from the previous year. This was due to the fact that the increase in the minimum wage has not kept up with the inflation rate, and the real wages of households have decreased last year.
The government has proposed a minimum wage of 9,860 won, the same amount as last year.
As the difference between the two sides' initial demands reached 27.8% (2,740 won), Chairman Lee asked both sides to make their first revised proposal.
The labor community's demand for the minimum wage was reduced by 11.1% (1,400 won) from its initial proposal, narrowing the gap between labor and management to 13.5% (1,330 won). The business community's demand for the minimum wage was increased by 10 won from the previous year to 9,870 won.
The committee closed its ninth plenary session with the presentation of the first amendment on the same day. The next plenary session, the 10th, is scheduled to be held on the 11th at the Government Complex Sejong.
Meanwhile, the final decision on next year's minimum wage is expected to be made next week at the latest. According to law, the minimum wage for next year must be announced by August 5th, so the administrative procedures for the announcement are as follows:
Taking into account further developments, mid-July is likely to be the final deadline for a de facto decision.