S&P Recommends Buffering Effects of Minimum Wage Hike

Standard & Poor's on Wednesday urged the Korean government to buffer the effects of its minimum wage hike and shorter maximum working week, which have cost many low-paid jobs and driven small enterprises out of business.

In its annual meeting with the Finance Ministry, S&P said Seoul's economic fundamentals remain strong and the government's policies can help support the local economy, but complementary measures may be needed.

The global credit ratings firm is expected to release its sovereign credit rating for Korea in the next two to three months.

S&P has kept Korea's rating at AA, the third highest on its scale, since its last upgrade in August 2016.