Prime Minister Kim Boo-kyum asked businesses and labor unions to accept the Minimum Wage Commission's decision to raise next year's minimum wage by about five percent from this year, from a "broad viewpoint." 

Kim said at a Cabinet meeting on Tuesday that he understands that both sides are frustrated by the decision, but the country is in crisis amid a protracted COVID-19 pandemic. 

The prime minister added that there is no time to waste and that each side must abandon their conflict and concede for the sake of mutual coexistence.

The commission on Monday decided to raise the minimum wage by 440 won to nine-thousand-160 won per hour. 

As labor and business representatives failed to reach a compromise after multiple revisions - having asked for ten-thousand won and eight-thousand-850 won, respectively - the commission's government-appointed experts had to step in and decide on the rate.