SEOUL, Feb. 27 (Korea Bizwire) — As South Korea’s prolonged economic downturn continues, small business owners are increasingly burdened by rising labor costs. A recent analysis shows that small independent business operators employ an average of 1.8 workers per establishment, highlighting the strain on entrepreneurs trying to sustain their workforce. According to data from the [...]
SEOUL, Feb. 25 (Korea Bizwire) — Small business owners in South Korea saw their income drop more than 10 percent from a year earlier in 2024 amid sluggish consumer sentiment, a poll showed Tuesday. According to the survey conducted by Mono Research from January 20 to February 7 on 500 small business owners, the level [...]
SEOUL, Jan. 9 (Korea Bizwire) — A new survey reveals that one in three small business owners in Korea increased their borrowing in 2024, highlighting the ongoing financial challenges faced by the sector. According to a study released on January 8 by the Korea Federation of SMEs (KBIZ), 34.9% of small business owners who hold loans [...]
SEOUL, Dec. 26 (Korea Bizwire) — Insurance payouts for small business closures in South Korea have reached a historic high of 1.3 trillion won in 2024, reflecting the deepening impact of the economic slowdown, according to the Korea Federation of SMEs. The federation reported on December 25 that payments under the “Yellow Umbrella” business closure insurance [...]
SEOUL, Oct. 2 (Korea Bizwire) — The government on Wednesday unveiled additional financial support for low-income earners that include complete debt forgiveness for those who are willing but unable to repay their loans. The move comes amid sharp increases in household debts and the number of people going bankrupt. The number of people filing for [...]
SEOUL, Aug. 7 (Korea Bizwire) – In a move to strike a balance between corporate expansion and small business protection, South Korea has announced changes to regulations governing bakery chains. The new rules, set to take effect this month, will allow major bakery companies to open more stores while slightly relaxing distance restrictions from smaller, independent [...]
SEOUL, Apr. 23 (Korea Bizwire) – The proportion of young South Koreans working at small and medium-sized businesses has plummeted, statistics show, as a gaping wage divide drives talented graduates to seek jobs at the country’s major conglomerates. Government figures illustrate the stark disparities separating the working conditions at South Korea’s small enterprises from those at [...]
SEOUL, Jan. 3 (Korea Bizwire) – In a major boost for South Korea’s small businesses, Coupang, one of the country’s largest online retailers, has announced a significant milestone: the number of small business owners on its platform has surpassed 210,000, with their annual transaction volume exceeding 9 trillion won. This news was highlighted in Coupang’s recently [...]
SEOUL, Jan. 3 (Korea Bizwire) – Small business owners in South Korea are grappling with a burgeoning financial crisis, compounded by the aftermath of the COVID-19 pandemic, rising interest rates, and soaring inflation. As repayment deadlines for accumulated debts loom, there’s an increasing concern over potential defaults, leading to a spike in bankruptcies among these entrepreneurs. [...]
SEOUL, Dec. 3 (Korea Bizwire) — An additional two-year grace period will be sought for small companies as the workplace safety law punishing employers for serious industrial accidents is set to expand to companies with less than 50 employees, ruling party officials said Sunday. The decision was announced by the ruling People Power Party (PPP) following a consultative meeting among officials from the presidential office, the government and the ruling party at the [...]