Smaller sized Businesses Demand Brakes on Minimum Wage
22 May, 2021
Seven out of 10 small and medium-sized firms think the minimum amount wage should be frozen or lowered, 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 ought to be frozen (48.4 percent) as well as lowered (26.1 percent).
Some 73.7 percent said the recent steep hike in the minimum wage includes a negative impact on their business.
One-third said they reduced rewards due to the minimum amount 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 functions overseas.
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