The labor sector has demanded next year's minimum wage be set at 12-thousand-210 won per hour, or about nine U.S. dollars and 44 cents.

In a press conference right before the seventh plenary session of the Minimum Wage Commission on Thursday, the labor representatives said they will demand a 26-point-nine percent hike from the current minimum wage of nine-thousand-620 won as the initial proposal.

The labor cited the need to stimulate domestic consumption, reflect cost-of-living increases and resolve wage inequality as reasons for demanding an average monthly wage of two-point-55 million won, or nearly two thousand dollars.

The 27-member commission composed of nine representatives each from labor, management and the general public has to narrow the gap between the initial demands put forth by labor and management and reach a consensus by mid-July.