Economic Measures

[Anchor Lead]

President Moon Jae-in invited self-employed businesspeople and small shop owners to the top office on February 14th. The foremost issue at hand was the minimum wage, where Moon said raising the minimum wage over the long term is an inevitable task.

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President Moon met with some 150 self-employed and small scale business owners. He started off with a personal story, that his family also ran a mom-and-pop coal briquette store. The South Korean leader said he always shares sympathy with self-employed people struggling under difficult conditions.

[Soundbite] Pres. Moon Jae-in : "Excessive competition, high rent and franchise commission fees place heavy burden on small businesses."

During the meeting which lasted over 2 hours, the participants voiced various requests.

[Soundbite] Lee Jae-gwang(Co-chair, Korea Franchise Union) : "Even if we want to apply for employment stabilization funds, we often can't because of the burden of social insurance payments."

The most talked about topic was the minimum wage, to be exact, the speed and scope of raising it. Some asked for a freeze in next year's rate. Moon said the opinions of the self-employed will be sufficiently reflected in the decision making process, but emphasized that hiking minimum wage is the eventual way to go.

[Soundbite] "Higher minimum wage may have also added to the difficulties."

His remarks focused on a wage hike are viewed as reiterating the administration's income-led growth policy and seeking understanding from small business owners.