Next year's minimum wage confirmed at 10,320 won… First labor-management agreement in 17 years, but 'incomplete'

Minimum wage agreement reached for the first time in 17 years (Source: 뉴시스)

The minimum wage for 2025 has been set at 10,320 won per hour. This is a 2.9% increase from this year (10,030 won) and, when converted based on 209 hours per month, corresponds to 2,156,880 won.

The Minimum Wage Commission continued discussions based on the 10th revised proposal (10,230 won vs. 10,430 won) presented by the employer and employee sides, respectively, at the 12th plenary session held at the Government Sejong Complex on the 10th, and eventually decided the increase proposal by labor-management agreement without a vote.

This is only the 7th time that a minimum wage review has been achieved by labor-management agreement since the system's introduction in 1988, and the last agreement was as long as 17 years ago in 2008. Thus, the mere conclusion of the agreement itself is considered an extraordinary achievement.

However, this agreement was made without the participation of the Korean Confederation of Trade Unions (민주노총), making it difficult to avoid criticism as a 'half-hearted agreement'. Four worker members of 민주노총 left the meeting room before the submission of the 9th revised proposal in protest of the establishment of a deliberation promotion section.

Ultimately, the final agreement was reached with the participation of five worker members from the Federation of Korean Trade Unions, nine employer members, and nine public interest members. Public interest members repeatedly emphasized that an agreement was necessary this year, and a compromise point was reached under their pressure.

It is noteworthy whether this decision reached through dramatic compromise amidst significant conflict between labor and management can become a starting point for the restoration of institutional trust in the minimum wage system and the beginning of sustainable social dialogue.