It looks like reality has set in for the Moon administration’s attempt to raise the minimum wage even further in South Korea:
Moon Jae-in
President Moon Jae-in admitted Monday he won’t fulfill his campaign pledge to raise the minimum wage to 10,000 won ($8.86) by 2020, after anguished protests about rising labor costs from small business owners and concerns voiced by at least one top member of his administration.
“As a result of the decision by the Minimum Wage Commission, it became difficult to achieve the target of raising the minimum wage to 10,000 won by 2020,” Moon said during a meeting with his senior secretaries at the Blue House on Monday. “I offer my apologies for being unable to keep my pledge.”
The president added that he respects the decision by the commission to keep next year’s minimum wage hike lower than expected and said the government will do its best to realize a 10,000 won minimum wage as early as possible.
Moon’s five-year term ends in May 2022. Moon expressed his appreciation to the commission for raising next year’s minimum wage by more than 10 percent. [Joong Ang Ilbo]
another commie clueless about how a market economy is suppose to work. No consideration of second & third order effects because they don’t know what they are doing in the first place.
another commie clueless about how a market economy is suppose to work. No consideration of second & third order effects because they don’t know what they are doing in the first place.