SEJONG, Nov. 15 (Korea Bizwire) – South Korea’s finance minister said Wednesday that the government will make efforts to reduce increasing labor costs that small businesses would suffer due to the government-led hike in minimum wage. President Moon Jae-in has pledged to increase the minimum wage to 10,000 won (US$8.98) by 2020. 2020, as part of his efforts to narrow the income gap and boost private consumption, which may [...]
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 [...]
SEOUL, June 10 (Korea Bizwire) – Earlier this week, the special advisory committee of state affairs planning — a presidential transition team appointed by President Moon Jae-in — reaffirmed one of Moon’s campaign pledges to raise the minimum wage to 10,000 won by 2020 at a press briefing held in central Seoul. The spokesperson of [...]