Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

South Korea finance minister to focus on impact of minimum wage hikes

Published 07/16/2018, 06:58 PM
Updated 07/16/2018, 07:00 PM
© Reuters.  South Korea finance minister to focus on impact of minimum wage hikes

SEOUL (Reuters) - South Korea's finance minister on Tuesday said he will focus on assessing the impact of recent steep minimum wage hikes on the job market and prepare measures to fund small businesses under financial strain.

"Inevitably we will focus on the impact from minimum wage (hikes) in economic policymaking in the second half," Kim Dong-yeon said at a government and party meeting in Seoul.

Kim said the government will prepare ways to subsidize low-income earners and small businesses to offset worries of looming job losses following the hikes.

On Saturday, the government-mandated Minimum Wage Commission said next year the minimum wage will increase another 10.9 percent to 8,350 won ($7.40) an hour, after a 16 percent increase for 2018.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.