Eight out of 10 small and mid-size companies want to freeze or cut the current W4,000 minimum hourly wage, a survey shows (US1$=W1,276). In the poll of 226 SMEs, 54.5 percent said they want to freeze the minimum wage for the next year, while 24.1 percent want to reduce it, the Korea Federation of Small and Medium Business said Monday.

However, 21.4 percent felt it should rise. Some 69.2 percent said the current rate was high, while only 28.1 percent said it was appropriate.

Workers are asking for W5,150 for the next year, a 28.7 percent increase, while businesses have proposed W3,770, a 5.8 percent reduction. The Minimum Wage Council at the Ministry of Labor will hold a meeting Thursday to decide the minimum wage for the next year.