Business Lobby Asks Conglomerates to employ More Staff
10 May, 2021
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 reduce wage increases this season and instead hire additional employees and offer more support for small and mid-sized contractors.
"Considering the economic situation using its worsening youth unemployment and a widening gap between big and smaller businesses due to the coronavirus pandemic, it's important to improve hiring and work to narrow the gap," it said.
In line with the KEF, the ratio of average monthly salaries in companies with an increase of than 500 employees and small organizations with five to 10 staff was 199.1 to 100 in 2019. Abroad the difference is a lot 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 federal government will meet soon to choose the minimum wage increase for next year and is likely to arrive at an interest rate by July.
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