KCCI "Rejection of Sector-Specific Minimum Wage Application... Concerns and Regret"

[Asia Economy Reporter Kiho Sung] The Korea Employers Federation (KEF) expressed "serious concern and regret" regarding the rejection of the sector-specific application of the minimum wage at the Minimum Wage Commission meeting held the previous day.

In a statement on the 17th, KEF said, "Our minimum wage has been raised too rapidly and applied uniformly without considering the market's capacity to absorb it, making it a reality that some sectors cannot afford the current minimum wage," and criticized, "The Minimum Wage Commission once again decided on a single minimum wage system, ignoring the desperate realities and wishes of small and medium-sized enterprises (SMEs) and small business owners."

It continued, "Since it has become impossible to apply sector-specific minimum wages next year, the business community clearly states that next year's minimum wage must be determined based on the sectors that cannot afford the current minimum wage, for the sake of SMEs and small business owners who are worried about survival."

Furthermore, "However, the proposal by the public interest commissioners to have the Minimum Wage Commission request the government to conduct a 'study on sector-specific application and basic data on living expenses' and to submit this agenda at the next meeting is evaluated as a minimal effort to implement sector-specific application in the future," KEF said, adding, "The business community urges the government to accept this intention and urgently prepare detailed implementation plans for sector-specific application."

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