Half Of Small Firms To Slash Jobs Over Minimum Wage Hike

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Half of Small Firms to Slash Jobs Over Minimum Wage Hike
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Half of Small Firms to Slash Jobs Over Minimum Wage Hike

Nine out of 10 small and mid-sized businesses are against government plans to raise the minimum wage to W10,000 an hour, and a majority claim they would have no choice but to cut down on staff or hiring (US$1=W1,150).

The Small and Medium Business Administration polled 332 SMEs last month on their views on the minimum wage hike and found that 56 percent would cut down on new hires.

Some 41.6 percent said they would lay off existing staff, 28.9 percent they would have to close their business completely, 14.2 percent they will slash pay and 6.3 percent they would think of moving abroad.

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Record Minimum Wage Hike Approved

The government on Saturday approved a record 16.4 percent hike in the minimum wage next year or an increase of W1,060 to W7,530 (US$1=W1,136). This is the first time ever that the minimum wage has risen by more than W1,000 over a year.

Korea introduced a minimum wage in 1988, and the biggest hike so far was in 2000, shortly after the 1998 Asian financial crisis, when it rose by W265. The fresh increase is part of President Moon Jae-in's plan to raise the minimum wage to W10,000 an hour by 2020.

Most Employers Plan Job Cuts Over Minimum Wage Hike
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Most Employers Plan Job Cuts Over Minimum Wage Hike

Eight out of 10 owners of small shops say they will have to lay off part-time staff if the minimum hourly wage increases to W7,530 next year, a poll suggests (US$1=W1,124).

Part-time job portal Alba polled 352 small shop owners and 5,804 part-time workers across the country on Monday and Tuesday after the government approved a record W1,060 hike in the hourly minimum wage.

The largest proportion or 24.4 percent of shop owners said they plan to cut down half their part-time jobs, and 24 percent said they will slash 10 to 20 percent.

Unmanned 'Smart' Stores Threaten Minimum-Wage Jobs
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Unmanned 'Smart' Stores Threaten Minimum-Wage Jobs

Customers order at a self-service terminal in a McDonald's in Seoul on Tuesday.

Unmanned 'smart' stores and vending machines are threatening minimum-wage jobs as the government is poised to raise the minimum wage to W10,000 an hour over the next three years (US$1=W1,127).

Superstore chain Homeplus has already been offering self-checkout since 2005 and now operates about 390 terminals in 90 stores nationwide where customers scan their own products, choose payment options such as cash or a credit card and make the payment.

New Journey To The West Reveals Plans To Return To Small Screen For 4th Season
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New Journey To The West Reveals Plans To Return To Small Screen For 4th Season

Popular variety program New Journey to the West is making a return with a fourth season!

The program revealed that instead of going to China, which was the destination for the previous three seasons, the cast of the newest season will be traveling to Vietnam. They also stated that new characters from the Dragon Ball Z anime series will be added, causing many fans to be curious as to who will play the new characters and what their quirk will be.

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