Most Restaurants to Raise Prices in Wake of Minimum Wage Hike

  • By Chae Sung-jin

    March 27, 2018 10:01

    Nearly four out of five restaurants plan to raise their prices due to the recent minimum wage hike.

    In a survey of 300 restaurants released by the Korea Food Service Industry Research Institute on Monday, some 78.6 percent of respondents said they would raise prices in the wake of January's minimum wage hike. They expect to increase the prices by an average of 18.4 percent.

    About 77.5 percent said their business has been adversely affected by the wage hike. Their sales dropped 12.1 percent on average in January and February on-year, while operating profit plummeted 30.1 percent.

    Some 80.4 percent have a pessimistic business outlook. 

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