More Small Businesses PUT UP Without Any Staff
19 April, 2021
More and more smaller businesses want 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 quantity of smaller businesses with employees stood at only 1.3 million in March, down 94,000 from a year earlier and a regular decrease since December 2018. The decrease was a lot more prolonged compared to the 20 months through the Asian financial crisis in the late 1990s.
The quantity of businesses without staff reached 4.15 million in the same month, up 13,000 on-year and a regular increase since February 2019, the same duration as through the Asian financial crisis.
The decline of smaller businesses that employ persons was particularly conspicuous in manufacturing (down 27,000) and wholesale and retail (down 24,000).
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