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The International Monetary Fund (IMF) has pointed out that the rate of increase of the minimum wage in Korea is too high. Last month, the Organization for Economic Co-operation and Development (OECD) expressed concern and ordered the IMF to tighten its control over Korean minimum wage rates.
At a seminar organized by the Korea-US Economic Research Institute (KEI) in Washington, DC on May 25 (local time), the director of the Asia-Pacific IMF, That could undermine the fundamentals of the economy, "he said. We must approach the issue very carefully. "He is responsible for Korea's mission to the IMF.
The minimum wage committee in Korea seems to have stated that it had decided to raise the minimum wage for next year to 10. , 9%.
"We should refer to the case in France," he said. France slowed down significantly after the onset of side effects after the 2005 minimum wage reached 60% of the median wage. However, it still has the highest per capita minimum wage (GNI) in the world.
The Korean minimum wage relative to the median wage has already risen to 62% this year. Compared to the OECD statistics for 2016, which were only 50.4%, the growth rate is very high.
On the same day, Randall Jones, the OECD's economic coordinator for Korea, who delivered the keynote address at the KEI seminar, said that Korea's economic ministry is also the lowest in the world . We were concerned that wage increases could weaken employment and inflation, especially in services.
Jones said, "The rate of increase of the minimum wage is different depending on the region," said Myeong-dong and Jeollanam-do. Some in Korea also argued that the minimum wage should be differentiated by region.
The OECD said in a report released last month that "raising the minimum wage is a way to mitigate income inequality and income-led growth" , he added.
[워싱턴 = 신헌철 특파원]
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