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Wed, July 18, 2018 | 19:58

Economy >

Government lowers down growth target to 2.9 pct.

Tax refunds for low-income households will be increased to help them weather the faltering economy, while the tax on passenger vehicles will be cut to 3.5 percent from the current 5 percent until the end of the year. These are part of government measures to sustain low-income households suffering from the economic slowdown while boosting consumption.

Policies | 2018-07-18 17:08

Half of young workers earn less than W1.5 mil. as first salary

Half of young people get less than 1.5 million won ($1,328) as a monthly salary at their first job. The ratio of such low-paid jobs, however, decreased from a year ago thanks to the minimum wage hike.

Policies | 2018-07-18 16:06

Credit card firms, insurers hit by minimum wage hike

The steep minimum wage hike is adding to concern of insurance companies and credit card firms. While insurers will have to pay more insurance benefits following the rising minimum wage, credit card firms are being pressured to lower commissions to share the burden with small merchants.

Finance | 2018-07-17 17:11

Shares of convenience stores hit by minimum wage hike

Shares of convenience store operators have taken a hit from a recent 10.9-percent minimum wage hike planned for next year as store owners will have to pay workers at least 8,350 won ($7.40) per hour, compared to this year's 7,530 won. The rising labor costs will continue to weigh down on 24-hour retailers, making it more difficult for convenience stores to generate profits, a...

Finance | 2018-07-17 16:53

Moon says 8,350 won 'not enough'

President Moon Jae-in apologized Monday for failing to achieve the 10,000 won minimum wage by 2020 as he had pledged during the presidential election. The country's top economic policymaker, meanwhile, said that the minimum wage hike could weigh on economic policies in the latter half of the year.

Policies | 2018-07-16 17:12

Korean minimum wage to surpass W8,000

Small business owners to boycott next year's minimum wage

Large firms to share wage hike burden of subcontractors

Conglomerates will have to share the burden of subcontractors hit by the steep minimum wage hike. They should not force subcontractors to supply exclusively for them or restrict their exports of technology. These are part of the subcontractor law revision by the Fair Trade Commission (FTC) that will go into effect from Tuesday.

Policies | 2018-07-16 17:10

Korea Post hit for hiring 'unqualified' investment officer

Korea Post's newly appointed chief investment officer (CIO) has drawn criticism from union workers who claim he is not qualified to lead the savings bureau of the national postal agency. Given Chang Ha-sung, the presidential chief of staff for policy, has already been blasted for his alleged interference in the appointment of the National Pension Service CIO, the administrati...

Finance | 2018-07-16 16:08

Mirae Asset's 'consumer funds' boast high returns

Mirae Asset Global Investments' consumer equity funds are boasting high returns despite sluggish stock markets at home and abroad. According to Mirae Asset Global Investments, Monday, the Mirae Asset Chindia Consumer Fund posted a 25.74 percent earning rate over the past year as of June 28. Investing in growth stocks in China and India, the fund also enjoyed a 51.27 percent in earnings in the three-year term and a 129.38 percent return rate in the five-year term.

Finance | 2018-07-16 19:02

Small businesses vow to defy minimum wage hike

Next year's minimum wage has been decided to be 8,350 won ($7.40) per hour, but the nation's small business owners bitterly reject the decision.

Policies | 2018-07-15 16:33

Consumers protest changes in liquor taxes

The government's move to revise the liquor tax is expected to face opposition by consumers who have been enjoying imported beer at relatively cheap prices.

Policies | 2018-07-13 16:30

Analysts upbeat about new Hyosung affiliates

The new companies that spun off from Hyosung went in different directions on the day they debuted on the stock market. Analysts are mostly positive about them since each has a competitive edge in their respective businesses.

Finance | 2018-07-13 17:17

'Samsung BioLogics purposely cooked accounting books'

Samsung BioLogics purposely cooked its accounting books and failed to disclose important information about its overseas operations to investors when listing its shares in late 2016, financial regulators said Thursday.

Policies | 2018-07-13 13:19