Chairing the extended ministerial meeting on economy on Monday, President Moon Jae-in saidthe government might slow down the pace at which it's raising the minimum wage given the backlash from small businesses and the self-employed.
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.
However, when it comes to his administration's core economic initiative of "inclusive growth," President Moon stood firm and he called for patience and trust until the policies show results. He also ordered officials to prove to the public with achievements that the policy is heading in the right direction.
In a briefing held on Monday concerning the government's economic plans for next year the Minister of Economy and Finance, Hong Nam-ki, said the government's emphasis on inclusive growth is vital as the local economy faces growing external risks including the trade protectionism which are expected to further affect Korea's exports.
Even though household income and domestic consumption have risen he said there's still work to be done when it comes to economic indicators in employment and income distribution and he said the government's plans are focused on these issues.
Hong also vowed by February to reform the process that determines the country's minimum wage increases in a way that will improve its predictability and fairness so that all parties in the labor market can accommodate the changes starting with the wage increases for 2020.
The number of jobs in Korea in 2017 increased by more than 1 percent from a year earlier mainly at small and medium sized companies.
According to Statistics Korea, the number of jobs rose by 310-thousand.
At large firms the number fell slightly, by 2-thousand, but at small and mid-sized firms rose by 160 thousand.
The biggest employer by sector was still manufacturing -- accounting for 20 percent of all the jobs in the country.
The South Korean government has changed the way it makes deals with overseas defense companies to help smaller defense firms here.
The Defense Acquisition Program Administration, as of Monday, has revised what are called its offset trade guidelines so that when South Korea agrees to buy arms from another country, the foreign firm will provide benefits to small and medium Korean companies in return, like buying parts from them.
Offset trade terms are standard in the defense industry.
In South Korea, until now, the trade benefits have largely gone to big firms.
On Monday, South Korea's military confirmed that the removal and disablement of eleven guard posts on the North Korean side of the border has been completed after its on-site inspection last week and additional analysis over the last few days.
Announcing the results of last Wednesday's on-site joint verification of guard post demolition, the Joint Chiefs of Staff said the two Koreas' militaries see eye to eye in that the pre-selected guard posts on each side are no longer capable of carrying out any military activities.
With Monday's confirmation, the South and North are now known to have about 50 and 150 guard posts standing in the DMZ, respectively.
Source: Arirang News
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