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Minister of Strategy and Finance, Kim Dong-yeon speaks at a meeting with representatives of the ruling Democratic Party, held in Parliament on July 17, 2018. |
Seoul, July 17 (Yonhap) – Korea South plans to increase the amount of repayment It is a tributary of low-income households and their beneficiaries, to minimize the impact of a minimum wage increase for next year, said Tuesday the Minister of Strategy and Finance, Kim Dong-yeon
. The minister made such a comment at a meeting with representatives of the ruling Democratic Party to discuss ways to support low-income families and examine the economic situation in the second half of the year.
The government will significantly increase the recipients of the earned income tax credit system (EITC) and the volume of financial badistance, "said Kim, referring to the system that requires reimbursement of Low Income Household Tax 19659004] The meeting was held in the midst of furious reactions from business and labor, following the government's decision to raise the minimum wage for the first time. 10.9 per cent next year to 8,350 won (7, South Korea raised the minimum wage this year from 16.4% to 7,530 won ($ 6.7), accounting for the most strong increase for almost two decades.
Small business owners said they could not handle the steep rise in labor costs, while union groups say the measure does not help. is not enough to satisfy the workers to f
Kim He said that to increase employment for the elderly, the government plans to create reserves for emergencies in the second half, if necessary.
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