Korea Federation of SMEs Forms Minimum Wage Special Committee to "Convey Industry Field Voices"

Asia Economy DB=Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Kim Bo-kyung] The Korea Federation of Small and Medium Business (KSMB) formed a Special Committee on Minimum Wage and held an inauguration ceremony on the 29th at the KSMB headquarters in Yeouido, Seoul.

This special committee was established with the intention of considering the realities of micro and small businesses and small merchants during the deliberation process for next year's minimum wage increase. It consists of eight members, including Chairman Kim Moon-sik of the Korea Gas Station Operators Cooperative, who serves as the committee chair, representing small merchants and the root manufacturing industry.

The committee plans to actively engage in activities such as conducting surveys and holding forums to convey the voices from the small and medium enterprise field in line with the minimum wage deliberation process.

Kim Ki-moon, chairman of KSMB, stated, "While 0.3% of large corporations take 57.2% of operating profits, 99% of small and medium enterprises, which are actually affected by the minimum wage, only earn 25% of operating profits," adding, "If a fair economy is not established, the minimum wage increase will inevitably lead to job issues in micro enterprises."

Kim Moon-sik, chair of the Special Committee on Minimum Wage, said, "Economic recovery is occurring mainly among large corporations and some small and medium enterprises, so micro and small businesses and small merchants urgently need to normalize management," and added, "In a situation where they are barely surviving through loans and subsidies, it is necessary to closely examine the actual conditions of companies truly affected by the minimum wage."

This content was produced with the assistance of AI translation services.