Unions Reduce Minimum Wage Demand

Labor unions on Wednesday reduced their demand for a minimum wage hike next year from W10,000 to W9,570 (US$1=W1,181).

The unions had been insisting on a 19.8-percent hike from the present W8,350 an hour, but finally bowed to a 14.6-percent increase. Businesses had been calling for a 4.2-percent cut in the minimum wage to W8,000 but also offered a concession at W8,150 an hour.

That paves the way for proper talks. Both labor and business representatives had boycotted minimum-wage talks to gain the upper hand in negotiations. They are still W1,385 apart and emotions run high.

Unions said the lowered figure "reflects the realistic cost of living for unmarried part-time workers" of W2.01 million a month. That translates into a monthly salary of W2 million based on 209 hours of work.

Negotiations are widely expected to continue until the Monday deadline.