minimum wage Archives | Be Korea-savvy
7 out of 10 Small Businesses “Unable to Cope with Minimum Wage Hike”

7 out of 10 Small Businesses “Unable to Cope with Minimum Wage Hike”

  SEOUL, Jul. 23 (Korea Bizwire) – A majority of small business owners in South Korea are considering reducing staff after being having difficulty coping with the government’s recent minimum wage hikes, the latest of which is set to come into effect next year. According to a survey of 300 small business owners and vendors [...]

Food Chains Expanding Self-service Kiosks amid Rising Wages

Food Chains Expanding Self-service Kiosks amid Rising Wages

SEOUL, Jul. 17 (Korea Bizwire) — Food chains in South Korea are rushing to introduce more self-service kiosks as part of efforts to cut costs amid the country’s rising minimum wage, industry sources said Tuesday. The nation’s tripartite wage commission of government, management and labor decided Saturday to jack up the minimum wage for 2019 [...]

Mom-and-pop Stores to Reject Any Hike in Minimum Wage

Mom-and-pop Stores to Reject Any Hike in Minimum Wage

SEOUL, Jul. 13 (Korea Bizwire) — Owners of mom-and-pop stores on Friday called on the government to freeze the minimum wage in 2019, claiming rising labor costs will seriously impact their profitability. If the government moves to raise the minimum hourly wage from the current 7,530 won, the Korea Federation of Micro Enterprise (KFME) won’t [...]

Minimum Wage Hike a Net Positive for Low Income Earners: Study

Minimum Wage Hike a Net Positive for Low Income Earners: Study

SEOUL, Jul. 12 (Korea Bizwire) — A new study has found that among young South Koreans earning less than 2 million won per month, few experienced a salary decrease following the increase in the minimum wage. The activist group “Youth Community Union” announced the results today after surveying 255 individuals between 19 and 39 years [...]

Restaurant Sector Shrinks Fast amid Negatives

Restaurant Sector Shrinks Fast amid Negatives

SEOUL, May 10 (Korea Bizwire) — South Korea’s restaurant industry has been shrinking at a fast clip due to a rise in the number of one-person households and other unfavorable factors, government data showed Thursday. The number of restaurant owners stood at 729,724 in December last year, down 0.51 percent, or 3,718, from the previous [...]

Hike in Minimum Wage Likely to Cut Part-time Jobs Next Year: Survey

Hike in Minimum Wage Likely to Cut Part-time Jobs Next Year: Survey

SEOUL, Dec. 22 (Korea Bizwire) — Four out of every five self-employed people said the hike in the minimum wage could cut the number of part-timers next year, a survey showed Friday. The minimum wage is set to rise to 7,530 won (US$7) per hour next year, up 16.4 percent from the current 6,470 won. [...]