The Korean government’s labor policy is threatening to undermine the ecosystem of the domestic shipbuilding industry, which is beginning to show a recovery sign after a long slump.Although the Korean shipbuilding industry recovered the first place in new order receipts last year after ceding it to C
Deputy prime minister and finance minister nominee Hong Nam-ki said on Dec. 4 that he would change the method to determine the minimum wage for 2020 and beyond, expressing concerns that the planned 10.9% increase in the minimum wage for the next year would deliver a shock to the market."I think it i
The Korean Confederation of Trade Unions (KCTU) goes on a general strike on Nov. 21 over extension of the flexible work hours system and other issues. On the other hand, small-business owners’ complaints are mounting in the wake of the government’s push for 52-hour work week and a double-digit minim
Although the South Korean government raised this year’s minimum wage substantially in a bid to improve people’s living standards and reduce income disparity, low-income households suffered a sharp decline in their income in the second quarter of this year whereas the top 20% income earners saw a sig
Convenience store owners in South Korea has threatened to go on strike if the Minimum Wage Commission raises next year's minimum wage, ignoring their demands that diferent minimum wages be set for different industries.The association of convenience stores held a press conference to announce thei
The Minimum Wage Commission of the Ministry of Employment and Labor held a plenary session on June 19 to start discussion on minimum wage for next year. The local labor community, which has filed a complaint with the Constitutional Court over the recently amended Minimum Wage Act, did not participat
The South Korean government has set up a job stabilization fund to ease the impact of a sharp hike in the minimum wage on small and medium-sized companies. The government provides up to a 130,000 won per worker from this fund for small businesses employing fewer than 30 workers..Yet the job fund has
In the first quarter of this year, the nominal income of the South Korean households in the lowest 20% income bracket showed the steepest decline in history, while that of the households in the top 20% group posted the sharpest increase for Q1 in history. As a result, South Korea’s income distributi
Concerns are rising over the future of the Korean automotive industry as it faces an urgent need to overhaul its high-cost and low-productivity structure to jack up sluggish global sales.Samsung Securities said in its recent report that the Hyundai Motor Group’s domestic production volume is estimat