Labor side lowers proposed hourly minimum wage for next year to 11,700

The labor side revised down its proposed hourly minimum wage for next year to 11,700 won ($7.56) during ongoing wage-setting negotiations Thursday, still higher than the business side's proposal. The revised minimum wage proposal was presented by the labor side at a plenary session of the Minimum Wage Commission, down from its initial proposal of 12,000 won. The latest proposal marks the labor side's fourth revision from its initial offer. During the meeting, the business side proposed 10,410 wo