Government to come up with measures to support low income households by July
- 6 years ago
South Korea's finance minister says the government will unveil new measures in July to address the worsening income inequality in the nation.
The move comes after newly-released government data showed real household income jumped on-year in the first quarter, but the disparity in earnings worsened
Kim Hyesung reports.
Korea's economic policymakers gathered Thursday to discuss two key issues, tackling income inequality and supporting innovative growth.
"Innovative growth is not limited to certain specific areas or companies, but it covers all economic and social areas, and helps create jobs. We will look into ways to create a synergy to also solve the income distribution problem."
The wealth gap has widened to record levels in Korea.
According to Statistics Korea, the monthly average income for those in the bottom 20 percent income bracket dropped eight percent in the first quarter this year while income for households in the upper 20 percent soared nine-point-three percent on year, widening the income gap to nearly six times.
Minister Kim vowed to pinpoint the cause of such discrepancy and come up with detailed measures to support low income households by July.
At the meeting, ministers also delved into innovative growth plans in construction businesses and fishing villages.
The transport ministry said it is working on removing regulations in the construction industry and strengthen companies' self-building obligations to boost competitiveness, and promised to come up with detailed plans by the third quarter of this year.
Meanwhile, the Ministry of Oceans and Fisheries said it is pushing for the implementation of the so-called "Fishing Villages New Deal 300" to modernize outdated fishing villages, saying 3-hundred out of 23-hundred fishing ports need to be revamped in order to boost safety and help support tourism in the future.
Kim Hyesung, Arirang News.
The move comes after newly-released government data showed real household income jumped on-year in the first quarter, but the disparity in earnings worsened
Kim Hyesung reports.
Korea's economic policymakers gathered Thursday to discuss two key issues, tackling income inequality and supporting innovative growth.
"Innovative growth is not limited to certain specific areas or companies, but it covers all economic and social areas, and helps create jobs. We will look into ways to create a synergy to also solve the income distribution problem."
The wealth gap has widened to record levels in Korea.
According to Statistics Korea, the monthly average income for those in the bottom 20 percent income bracket dropped eight percent in the first quarter this year while income for households in the upper 20 percent soared nine-point-three percent on year, widening the income gap to nearly six times.
Minister Kim vowed to pinpoint the cause of such discrepancy and come up with detailed measures to support low income households by July.
At the meeting, ministers also delved into innovative growth plans in construction businesses and fishing villages.
The transport ministry said it is working on removing regulations in the construction industry and strengthen companies' self-building obligations to boost competitiveness, and promised to come up with detailed plans by the third quarter of this year.
Meanwhile, the Ministry of Oceans and Fisheries said it is pushing for the implementation of the so-called "Fishing Villages New Deal 300" to modernize outdated fishing villages, saying 3-hundred out of 23-hundred fishing ports need to be revamped in order to boost safety and help support tourism in the future.
Kim Hyesung, Arirang News.