South Korea's minimum wage for next year has been set at seven-thousand-530 won per hour, up 16-point-four percent, or one-thousand-60 won from this year.

Monthly, this amounts to over one-point-57 million won based on a 40-hour workweek.

The Minimum Wage Commission, a trilateral council of representatives from labor, management and the general public, held its eleventh plenary meeting on Saturday and decided on the raise for next year in a vote on revised proposals.

Fifteen of the 27-member commission voted for seven-thousand-530 won demanded by labor groups, while 12 members voted for 73-hundred won requested by management.

The 16-point-four percent raise is the largest since 2000 when it was increased 16-point-six percent.

President Moon Jae-in has promised to increase the minimum wage to ten-thousand won per hour before his five-year term ends in May 2022.