On July 19th, the 2024 minimum wage was set at ₩9,860. It increased by 2.5% compared with the 2023 minimum wage but did not surpass ₩10,000. The discussion regarding next year’s minimum wage began in June, when the business and labor representatives presented their primary suggestions during the Minimum Wage Commission meetings. The business representatives proposed the minimum wage freeze considering the struggles of small business owners. The labor representatives suggested ₩12,210 to alleviate inflation pressure on low-income citizens. Based on these primary submissions, the public representatives offered a negotiation at ₩9,920 but failed to reach an agreement. Thus, they conducted a vote between the final submissions of each party, which concluded the minimum wage level as ₩9,860 by gaining 17 out of 26 votes. This year’s review took the longest process, which signifies the strong will of public representatives for a compromise between the business and labor sectors. Despite this determination, the final minimum wage satisfied neither the business nor labor parties, fueling controversy. The business side, which firmly disagreed with raising the level by more than 2%, expressed discontent as the Korean Federation of Small and Medium Business stated, “This decision is an irresponsible neglect of small business owners’ outcries.” The labor side also strongly opposed the final amount not exceeding ₩10,000. Ryu Ki-seob, the Secretary General of the Federation of Korean Trade Unions, criticized, “Next year’s minimum wage has been finalized at a level that does not reflect the expected inflation and economic growth rate.”