South Korean Companies Layoff Thousands of Workers Ahead of Minimum Wage Increase
This news is about as surprising as North Korea maintaining missile bases:
Small and mid-sized companies are laying off workers ahead of another 10.9-percent hike in the minimum wage in January to stay afloat.
According to the Korea Employment Information Service, a total of 497,314 workers were laid off by small and mid-sized companies and applied for unemployment support in the third quarter of this year, up a whopping 37,710 compared to the same period of 2017.
This was the biggest rate of increase for the third quarter since the government started tallying statistics in 2010. Over the same period, 110,000 workers were laid off by big businesses, up 14 percent. That means the government has handed out W5.5 trillion in unemployment support in the first 10 months of this year, already surpassing last year’s total of W5.02 trillion (US$1=W1,130). [Chosun Ilbo]
You can read more at the link.
Not to worry. South Korea has so much money that it’s giving free cash to Kim Jong Un to stay afloat. Moon will come through and he will support all the unemployed workers and then turn them all into government workers. Moon has got it all covered and figured it out in how to make South Koreans all equal in poverty.
F*cking idiot.
Great job by you Commie Moon! More unemployed masses for the Korean Confederacy slave labor camps.
commie moon’s plan to ruin the South Korean economy seems to be working quite well.
2+2 never equals 5…
Just like having another career “community organizer” as president — only worse. Only this time without the ACORN mortgage scandal.
We often receive the government we deserve.