Pres. Moon hints at slowing minimum wage hikes amid backlash
- 5 years ago
문 첫 경제장관회의 주재하며 "최저임금 인상•노동시간 단축, 필요시 보완" 할 것
President Moon Jae-in hinted the government may need to slow down some of its enacted policies, like higher minimum wage, in order to boost economic growth.
He's also called for patience from the people... until these policies show results.
Shin Se-min has our top story.
President Moon Jae-in, for the first time, has mentioned coming up with measures to complement some of the economic policies the government has introduced this year.
Chairing the extended ministerial meeting on the economy, in another first, it was a show of determination that his administration will be zeroing in on the economy next year.
And to spur on the slowing economy, he said the government might slow down the pace at which it's raising the minimum wage given the backlash from small businesses and the self-employed.
"New economic policies like the minimum wage hike and the cut in weekly working hours should take into account the receptiveness of the economy and society as well as the circumstances of the people concerned. If necessary, we must also devise complementary measures."
He said the same goes for other key economic policies, ordering his officials to be cautious when it comes to the policies' possible adverse repercussions.
The idea of slowing down the wage hikes is in tune with what finance minister Hong Nam-ki said when he told lawmakers that in the new year he will take into account the acceptability of a wage hike to the market.
Employers have complained that they can't afford the new wages, which have gone up some 11-percent this year alone. They say they've had to lay people off to make ends meet.
President Moon also said the government should aggressively get rid of obstacles to corporate investment... because weak investment has added downward pressure on the economy already grappling with slowing exports.
"But when it comes to his adminsitration's core economic initiative of "inclusive growth," President Moon stood firm -- he called for patience and trust until the policies show results,... and he ordered officials to prove to the public with achievements that the policy is heading in the right direction.
Shin Se-min, Arirang News."
President Moon Jae-in hinted the government may need to slow down some of its enacted policies, like higher minimum wage, in order to boost economic growth.
He's also called for patience from the people... until these policies show results.
Shin Se-min has our top story.
President Moon Jae-in, for the first time, has mentioned coming up with measures to complement some of the economic policies the government has introduced this year.
Chairing the extended ministerial meeting on the economy, in another first, it was a show of determination that his administration will be zeroing in on the economy next year.
And to spur on the slowing economy, he said the government might slow down the pace at which it's raising the minimum wage given the backlash from small businesses and the self-employed.
"New economic policies like the minimum wage hike and the cut in weekly working hours should take into account the receptiveness of the economy and society as well as the circumstances of the people concerned. If necessary, we must also devise complementary measures."
He said the same goes for other key economic policies, ordering his officials to be cautious when it comes to the policies' possible adverse repercussions.
The idea of slowing down the wage hikes is in tune with what finance minister Hong Nam-ki said when he told lawmakers that in the new year he will take into account the acceptability of a wage hike to the market.
Employers have complained that they can't afford the new wages, which have gone up some 11-percent this year alone. They say they've had to lay people off to make ends meet.
President Moon also said the government should aggressively get rid of obstacles to corporate investment... because weak investment has added downward pressure on the economy already grappling with slowing exports.
"But when it comes to his adminsitration's core economic initiative of "inclusive growth," President Moon stood firm -- he called for patience and trust until the policies show results,... and he ordered officials to prove to the public with achievements that the policy is heading in the right direction.
Shin Se-min, Arirang News."