South Korea's minimum wage for next year has been set at eight-thousand-350 won per hour, up ten-point-nine percent from seven-thousand-530 won this year. 

The decision was made after the Minimum Wage Council voted on the rise during its 15th round of plenary session that lasted into the early hours of Saturday.

A vote was held on two options, an eight-thousand-350 won or eight-thousand-680 won hourly wage.

Among the 27 members of the council comprising representatives of labor, management and the general public, 14 members took part in the voting and the chosen rate won by eight to six.

At least a third of the members from the labor and business side must be present for a vote to be approved. However if members do not attend council meetings more than twice with no valid reason the council can proceed to a vote without them.

This year, all nine members representing the business community boycotted the council sessions but their absence did not present any legal issues with the vote.

With the decision, the council has kept its promise to determine next year's minimum wage rate by Saturday. 

This is the first time in history that the country's minimum wage will surpass eight thousand won.