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Wage Arrears in South Korea Hit Record High, Exceeding 1.7 Trillion Won

Wage Arrears in South Korea Hit Record High, Exceeding 1.7 Trillion Won

SEOUL, Jan. 26 (Korea Bizwire) — South Korea has recorded its highest ever wage arrears, surpassing 1.7 trillion won last year, marking a significant increase from the previous year. According to a statement from the Ministry of Employment and Labor, the total amount of unpaid wages in the past year amounted to 1.78 trillion won. This [...]

Finance Chief Calls for Corporate Restraints on ‘Excessive’ Wage Increase amid Inflation Woes

Finance Chief Calls for Corporate Restraints on ‘Excessive’ Wage Increase amid Inflation Woes

SEOUL, June 28 (Korea Bizwire) — Finance Minister Choo Kyung-ho asked companies Tuesday to refrain from excessively raising wages for employees as the move could further accelerate inflation. Choo made the request during a meeting with members of the Korea Enterprises Federation (KEF), including Sohn Kyung-shik, federation chief and CJ Group chairman, and Rhee In-yong, [...]

Hyundai to Suspend Production at Plant Without Cutting Employee Wages

Hyundai to Suspend Production at Plant Without Cutting Employee Wages

SEOUL, April 13 (Korea Bizwire) — Hyundai Motor Co. has disclosed that it will temporarily suspend production at its Asan plant in South Chungcheong Province for two days on Monday to Tuesday due to difficulty in procuring automotive chips. Despite the production suspension, however, plant workers will still be paid their full wages, raising some [...]

GM Korea Chief Says Wage Increase Will Hurt Competitiveness

GM Korea Chief Says Wage Increase Will Hurt Competitiveness

SEOUL, Oct. 16 (Korea Bizwire) — The chief executive of GM Korea Co. said on Wednesday increased labor costs would hurt the carmaker’s profitability and competitiveness amid stalled wage negotiations with its trade union. Kaher Kazem, GM Korea president and chief executive, held an emergency meeting with executives at the carmaker’s main plant near Seoul. [...]