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 [...]
SEOUL, Jan. 17 (Korea Bizwire) – The labor policies pursued by the South Korean government will drive up labor costs for local companies and drive down their sales, a German consulting firm said Wednesday. In a presentation on Korea’s labor policies and their impact on businesses, Lee Soo-sung, managing partner at Roland Berger Seoul, estimated [...]
SEOUL, Jan. 5 (Korea Bizwire) – South Korea’s increase of the minimum wage will boost private spending, which in turn can help Asia’s fourth-largest economy break from its low growth trend, a senior government official said Friday. In July last year, the country decided to raise its minimum wage by 16 percent to 7,530 won [...]
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 [...]
SEOUL, Jan. 2 (Korea Bizwire) — South Korean small and medium-sized businesses are expected to take a hit this year from the double whammy of a minimum wage hike and reduced working hours. The highest minimum wage hike in 17 years takes effect this month with a jump to 7,530 won per hour. However, not [...]
SEOUL, Dec. 13 (Korea Bizwire) – The minimum wage hike which will enter effect next year has been labeled the hottest issue of this year in the retail industry, a survey has found. According to the results of a survey conducted by Retail Magazine, which is run by the Korea Chainstores Association, the 16.4 percent minimum [...]
SEOUL, Aug. 14 (Korea Bizwire) — Only weeks after the drastic minimum wage hike for next year was announced, the impact is already being felt on apartment security guards in South Korea, with a number of communities reportedly considering staff cuts to save monthly maintenance fees. The minimum wage hike, which was hailed as a nod [...]
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 [...]
SEOUL, Jul. 25 (Korea Bizwire) — Since the announcement last week of a 16.5 percent hike to the minimum wage that was met with cheers and praise, some South Koreans are now expressing worries over possible job cuts in the wake of the increase, according to a big data analyst. Despite the highest wage hike in [...]
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 [...]