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Wed, July 18, 2018 | 19:59

Economy > Policies >

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

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

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

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

Korea faces manufacturing exodus

Korea is facing a massive outflow of major local manufacturers as they are rushing to expand overseas investments and build new factories abroad. This is in response to the government's unfriendly business policies coupled with rising tariff pressure caused by U.S. President Donald Trump's protectionist measures. Given rising labor costs and a deepening trade war between the ...

Policies | 2018-07-15 15:59

Apartment prices suffer sharpest drop in 5 years in Q2

The prices of apartments in South Korea dropped by the largest margin in five years during the second quarter of 2018 amid toughened regulations on mortgage loans and taxation on multiple home owners, data showed on Sunday.

Policies | 2018-07-15 15:56

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

'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

Small business owners to boycott next year's minimum wage

Small business owners have decided to oppose the government's move to raise the minimum wage. The decision came after their demand at the Minimum Wage Council to apply a differential minimum wage lost by five votes Tuesday.

Policies | 2018-07-12 17:13

Moon says 8,350 won 'not enough'

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