Seoul: The Minimum Wage Commission announced an agreement to raise the minimum wage for next year by 2.9 percent, setting it at 10,320 won (US$7.51) per hour. This decision was reached by the commission’s tripartite panel, which includes nine representatives each from labor, management, and the general public, marking the first consensus among these groups in 17 years.

According to Yonhap News Agency, the new rate is based on a standard monthly workload of 209 hours, translating to a monthly income of 2,156,880 won. The commission is required to finalize its review of the new wage by mid-July, with a formal announcement by the labor minister expected by August 5 each year.