ⓒYONHAP News

A trilateral commission has voted to raise the minimum wage for next year by two-point-nine percent, which would bring the hourly wage to eight-thousand-590 won.

The Minimum Wage Commission, a 27-member panel consisting of labor and business representatives as well as government-selected policy experts, made the decision early Friday morning after holding marathon negotiations that began the previous day.

Pending the Labor Ministry’s approval, the two-point-nine percent increase would be the lowest annual minimum wage hike under the Moon Jae-in government, which previously oversaw gains of 16-point-four percent and ten-point-nine percent respectively over the last two years.