Representatives of labor and civic groups hold a news conference in Seoul on ㅉWednesday, to announce their minimum wage demand for next year. (Yonhap)
Representatives of labor and civic groups hold a news conference in Seoul on ㅉWednesday, to announce their minimum wage demand for next year. (Yonhap)

The labor circle demanded Wednesday that next year's minimum wage be set at 11,500 won ($8.43) per hour, an increase of 14.7 percent from this year's 10,030 won.

The hourly minimum wage requested by the labor circle translates into a monthly wage of 2.4 million won, if calculated on the basis of 209 working hours per month or 40 hours per week.

The minimum wage demand was made public by labor representatives and civic groups in a news conference in Seoul, as the Minimum Wage Commission, a trilateral panel composed of nine representatives each from labor, management and the general public, kicked off its discussions in April to raise the national minimum hourly wage for 2026.

The labor sector also said the minimum wage should be expanded to apply to non-regular workers and platform workers.

The management circle has yet to announce its minimum wage demand.

South Korea raised the minimum hourly wage by 1.7 percent to 10,030 won for this year, marking the second-smallest recorded increase. The labor sector had demanded 12,600 won last year. (Yonhap)