President Moon Jae-In said that his goal of achieving the minimum wage of 10,000 Won by 2020 has become too difficult and apologized for failing to meet his campaign pledge.
The South Korean President said that he respects the decision of the Minimum Wage Commission considering the internal and external circumstances of our economy and the difficult circumstances of small businesses.
The Minimum Wage Commission stated the minimum wage was set to rise to a two-digit rate this year following a sharp increase last year and that the government continued its policy of minimizing wages.
The South Korean president also stressed that he will do his best to provide supplementary measures, such as the protection of commercial leaseholds and card fees, so that small business owners will not be affected in negative way or reduce employment.
In addition, he pointed out that the minimum wage increase rate should not be a mechanical goal. The quick increase in minimum wage is aimed at ensuring humane life of low-wage workers as well as raising the national household income to grow the economy.