Smaller Businesses Demand Brakes on Minimum Wage

  • By Ryu Jung

    May 21, 2021 13:45

    Seven out of 10 small and medium-sized companies think the minimum wage should be frozen or reduced, a poll suggests.

    In the poll of 168 SMEs in about a dozen industries by the Korea Industry Alliance Forum, 74.5 percent said the minimum wage should be frozen (48.4 percent) or even lowered (26.1 percent).

    Some 73.7 percent said the recent steep hike in the minimum wage has a negative impact on their business.

    One-third said they reduced benefits due to the minimum wage hike, and 32.2 percent said they cut new hiring. Another third said they minimized paid overtime, while 6.7 percent said they moved operations overseas. 

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