Seoul: The presidential office expressed its respect for a commission's decision to raise the minimum hourly wage for the upcoming year, highlighting its significance as the first consensus-based decision in 17 years.
According to Yonhap News Agency, the Minimum Wage Commission concluded late Thursday to increase the minimum wage for 2026 by 2.9 percent, setting it at 10,320 won (US$7.51) per hour. This marks the commission's first decision since President Lee Jae Myung assumed office early last month.
The presidential office emphasized that the decision considered objective statistics, including inflation and the economic challenges encountered by vulnerable workers and small business owners. The office also highlighted the decision's importance due to the agreement reached among labor, management, and public panels for the first time since 2008, without requiring a vote.
Furthermore, the office committed to actively promoting the new minimum wage and ensuring its proper implementation across workplaces through guidance and inspection efforts.