Business Lobby Asks Conglomerates to Hire More Staff

  • By Lee Sung-hoon

    May 10, 2021 11:20

    The Korea Enterprises Federation has urged big conglomerates to freeze wages and hire more workers instead.

    The KEF sent a message on Sunday to its 4,300 member companies asking them to minimize wage increases this year and instead hire additional workers and offer more support for small and mid-sized contractors.

    "Considering the economic situation with its worsening youth unemployment and a widening gap between big and small businesses due to the coronavirus pandemic, it is necessary to boost hiring and work to narrow the gap," it said.

    According to the KEF, the ratio of average monthly salaries in companies with more than 500 workers and small firms with five to 10 staff was 199.1 to 100 in 2019. Abroad the difference is much smaller with 129.6 in Japan, 154.2 in the U.S. and 157.7 in France.

    A committee of representatives from businesses, labor unions and the government will meet soon to decide the minimum wage increase for next year and is expected to arrive at a rate by July. 

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