The nation's minimum wage has been raised by seven-point-three percent, or 440 won, to six-thousand-470 won per hour for next year. Monthly, this amounts to over one-point-35 million won based on a 40-hour workweek.

The Minimum Wage Council held its 14th plenary meeting and decided on the raise for next year. All nine representatives from the labor side left the meeting as they were hoping for a higher rate of increase. Two management representatives also left, while 16 representatives of the government and general public took part in the vote.

Fourteen voted for the raise, one opposed and one abstained.

The labor side took issue with the unilateral decision made by government representatives and said it will seek ways with the opposition camp to improve the composition of the wage commission and procedures for determining the minimum wage.

Representatives on the management side, meanwhile, were discontent with what they said was an excessive wage hike, saying such a spike will put more burdens on smaller companies amid already tough economic conditions following Brexit and the restructuring of the domestic shipbuilding sector.

The Minimum Wage Council's decision will be passed onto the employment and labor minister before the minimum wage is officially announced on August fifth.