labor costs Archives | Be Korea-savvy
Korean Electronics Industry Struggles with Falling Sales and Soaring Labor Costs

Korean Electronics Industry Struggles with Falling Sales and Soaring Labor Costs

SEOUL, May 26 (Korea Bizwire) — Major electronics companies in South Korea are grappling with weak financial performance and rising labor costs, while automakers have experienced a relative decline in labor costs, a market research firm said Thursday. The Korea CXO Institute conducted an analysis of labor cost changes at major conglomerates between 2018 and [...]

S. Korean Businesses Leaving China Due to Trade Dispute, Rising Labor Costs

S. Korean Businesses Leaving China Due to Trade Dispute, Rising Labor Costs

SEOUL, Dec. 9 (Korea Bizwire) — South Korean businesses are increasingly leaving the Chinese market due to the prolonged U.S.-China trade dispute, rising labor costs, and a general economic downturn. With increased concern over export tariffs due to the U.S.-China trade dispute, not to mention the slumping economy, many South Korean businesses are considering whether [...]

Mom-and-pop Stores Ask Gov’t to Reflect their Views in Setting Minimum Wage

Mom-and-pop Stores Ask Gov’t to Reflect their Views in Setting Minimum Wage

SEOUL, Jan. 7 (Korea Bizwire) — South Korea’s mom-and-pop stores on Monday called on the government to reflect their views in revising the minimum wage structure so as to minimize the fallout from rising labor costs. In a press conference held in Seoul, Choi Seung-jae, chairman of the Korea Federation of Micro Enterprise, whose organization [...]

Former Kaesong Industrial Complex Companies Shift Production to Vietnam

Former Kaesong Industrial Complex Companies Shift Production to Vietnam

SEOUL, Jul. 25 (Korea Bizwire) — A number of local companies that operated factories situated in the Kaesong Industrial Complex are relocating to Vietnam and other countries after being unable to deal with rising labor costs. According to the association of companies that has production facilities in Kaesong, of the 123 companies that operated factories [...]