NEWS BRIEF

[Anchor Lead]

The Bank of Korea is predicting that the nation's potential growth rate will continue to drop, as the COVID-19 pandemic has changed the economic structure and discouraged labor and capital injection. The central bank also forecast the labor market for the vulnerable will unlikely recover soon, undermining income distribution.
The Minimum Wage Commission will convene another meeting today to decide on next year's minimum wage. A bumpy road is expected ahead of the discussions, as the business sector is opposed to raising the minimum wage while the labor sector is demanding a hike. The Korean Confederation of Trade Unions proposed a minimum wage of over 10,000 won per hour, which is up 25.4 percent from this year.
The Seoul metropolitan government will pay a monthly allowance of 100,000 won to pro-democracy activists or their bereaved families starting from July. Additionally, the city government will also provide one million won to help them with funeral costs. Recipients include those who have lived in Seoul for over six months and earn less than 100 percent of the median income. Those already receiving similar government allowances are not eligible for this municipal financial support.