Minimum wage hike Archives | Be Korea-savvy
Sasmung Electronics to Share Wage Hike Burden With Partners

Sasmung Electronics to Share Wage Hike Burden With Partners

Seoul, Jan. 22 (Korea Bizwire) — Samsung Electronics will take into consideration the recent minimum wage hike when negotiating the price of goods with small and medium-sized business partners. The electronics giant has reportedly decided to reflect this year’s wage hike in business deals with SMEs in an effort to share the increased financial burden. Business [...]

Two Days After Minimum Wage Hike, Opinions Mixed

Two Days After Minimum Wage Hike, Opinions Mixed

SEOUL, Jan. 3 (Korea Bizwire) — Workers and business owners across South Korea expressed mixed views two days after a dramatic minimum wage hike was implemented. Yesterday was the second day in South Korea that workers at the low end of the pay scale received an hourly wage of 7,530 won, but opinions varied on [...]

9 in 10 Small Business Owners Consider Downsizing After Minimum Wage Hike

9 in 10 Small Business Owners Consider Downsizing After Minimum Wage Hike

SEOUL, Aug. 3 (Korea Bizwire) — Small business owners in South Korea are making moves to adapt to the country’s new minimum wage hike, as a new survey shows nine in ten will downsize to offset the expected economic impact. The surprising findings from a survey conducted by the Korea Federation of Micro Enterprise last month [...]

Minimum Wage Hike to Bolster Consumption Despite Profit Drops in Retail Sectors

Minimum Wage Hike to Bolster Consumption Despite Profit Drops in Retail Sectors

SEOUL, July 21 (Korea Bizwire) – A decision by the government to raise the minimum wage next year is expected to cut profits at convenience and discount store chains, but it could help bolster consumption, according to foreign investment banks on Friday. The government has decided to hike minimum wage 16 percent to 7,530 won [...]