S. Korea sets 2027 minimum wage at 10,700 won per hour, up 3.7%

South Korea's Minimum Wage Commission on Tuesday set the country's 2027 minimum wage at 10,700 won ($7.19) per hour, a 3.7 percent increase from the current level, the Ministry of Employment and Labor said.

The plenary session, which began at 3 p.m. at the Government Complex Sejong, lasted about eight hours.

Ahead of Tuesday's meeting, the gap between labor and management had narrowed to 690 won from their initial proposals during the previous day's negotiations.

Labor representatives had initia ...