SMEs Minister Vows Policies to Offset Minimum Wage Hike Impact

Write : 2018-08-21 18:52:57 Update : 2018-08-21 19:25:53

SMEs Minister Vows Policies to Offset Minimum Wage Hike Impact

South Korea's SMEs and Startups minister says the government will pursue policies that will bring bigger benefits to small business owners than their minimum wage-induced losses. 

Hong Jong-haak revealed the plan at a parliamentary hearing on Tuesday, stressing that raising the minimum wage is necessary for the government’s income-led growth initiative. 

Hong said the trickle-down effect from economic growth is limited and income disparity is only widening. 

He said President Moon Jae-in and other candidates running in last year's presidential election pledged to raise the minimum wage to 10-thousand won, noting that it shows there's a public consensus on the matter. 

Noting the government is thinking hard about how to help small business owners cope with the minimum wage hikes, the minister also urged workers and small business owners to cooperate.

[Photo : YONHAP News]

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