April 19, 2021 11:37
More and more small businesses are trying to survive by making do without any staff as the drastic minimum wage hike was compounded by the coronavirus epidemic.
According to Statistics Korea on Sunday, the number of small businesses with employees stood at a mere 1.3 million in March, down 94,000 from a year earlier and a consistent decrease since December 2018. The decrease was even more prolonged than the 20 months during the Asian financial crisis in the late 1990s.
The number of businesses without staff reached 4.15 million in the same month, up 13,000 on-year and a consistent increase since February 2019, the same duration as during the Asian financial crisis.
The decline of small businesses that employ people was particularly conspicuous in manufacturing (down 27,000) and wholesale and retail (down 24,000).
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