A tripartite panel of representatives from labor, businesses and the general public will begin a review on Tuesday to set next year's minimum wage under the incoming Yoon Suk Yeol administration.

The Minimum Wage Commission is required by law to submit the wage adjustment plan within 90 days upon the labor minister's request, meaning that the panel must finalize its decision by June 29 this year.

However, because the deadline for the labor ministry's minimum wage announcement is August 5, it has been common practice for the commission to deliberate until mid-July.

Businesses are expected to oppose a wage hike, citing a continual increase during the Moon Jae-in government and losses suffered by small- to medium-sized enterprises(SMEs) and the self-employed due to COVID-19.

Labor unions will likely call for a hike, citing inflation as well as widening socioeconomic gap during the protracted pandemic.

Another expected bone of contention is differentiating minimum wage by region and sector, as mentioned by the president-elect during his campaign.