Regarding the minimum wage next year, the biggest concern is whether it will be able to hit 1,5 won for the first time.

Looking at the minimum wage and year-on-year increase in the last five years, it is KRW 2019,8 (350.10%) in 9, KRW 2020,8 (590.2%) in 87, KRW 2021,8 (720.1%) in 5, KRW 9,160 (5.05%) last year, and KRW 9,620 (5.0%) this year.

If the increase rate is more than 3.95% this time, it will exceed 1,2000 won.

In the 20 years since 3, there have been three years in which the increase rate has been lower than 95.2010%, in 2 at 75.2020%, in 2 at 87.2021%, and at 1.5% in 3.

Discussions to determine the minimum wage level for next fiscal year will also begin soon.

According to the Minimum Wage Law, the Ministry of Employment and Labor must request consideration from the Minimum Wage Committee by the 31st of this year, and the Minimum Wage Committee, which receives the request of the Minister of Labor, usually holds its first plenary meeting in early April to report and present the agenda.

The minimum wage committee consists of 4 employer commissioners, 1 workers' commissioners, 9 public interest commissioners, and 9 special commissioners.

This year, the process of discussing the minimum wage is not expected to be smooth, as the labor community's opposition to the government is stronger than ever due to the government's reform of the working hour system and measures to strengthen the transparency of union accounting.

The minimum wage is a system that protects low-wage workers by forcing the state to intervene in the wage determination process between labor and management to set a minimum level of wages and pay employers more than that.

(Photo = Yonhap News)