The minimum wage for next year has been set at ten-thousand-30 won per hour, surpassing ten-thousand won for the first time. 

The Minimum Wage Commission, composed of nine representatives each from business, labor and the general public, decided on the new rate early on Friday after marathon discussions. 

The new rate marks an increase of one-point-seven percent, or 170 won, from this year’s nine-thousand-860 won, which is about seven U.S. dollars and 17 cents. The increase rate is the second lowest after the one-point-five percent rise in 2021 during the COVID-19 pandemic. 

This marks the first time for South Korea's minimum wage to exceed ten-thousand won, and it comes 37 years after the nation introduced the minimum wage system in 1988. 

The final proposal for the 2025 rate from the labor side of the commission was ten-thousand-120 won per hour, while the business side suggested ten-thousand-30 won, which ultimately won with 14 votes to nine for labor’s rate, with four members boycotting the vote.