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Medientyp:
Bericht;
E-Book
Titel:
Employment Effect of Minimum Wage Increase
Beteiligte:
Choi, Kyungsoo
[VerfasserIn]
Erschienen:
Sejong: Korea Development Institute (KDI), 2018
Sprache:
Englisch
DOI:
https://doi.org/10.22740/kdi.focus.e.2018.90
Entstehung:
Anmerkungen:
Diese Datenquelle enthält auch Bestandsnachweise, die nicht zu einem Volltext führen.
Beschreibung:
The objective of a minimum wage increase is to improve the quality of low-wage jobs and to narrow wage gaps. The sharp minimum wage increase in 2018 has so far produced no significant declines in employment. However, if drastic increases continue in the next two years, the level of the minimum wage as a ratio to the median wage will exceed those in other advanced economies and employment growth will likely exhibit a large drop distorting the wage structure. Thus, an adjustment in the pace of minimum wage increases is required. - The purpose of theminimum wage increase isto guarantee the wagelevel of the low-paid, thenumber of which isgrowing as personalservice jobs increase. - The share of below-minimum wage workers was 7.6% in the MOEL's 2016 Wage Survey and 13.4% in Statistics Korea's 2017 Economically Active Population Survey. - Other than cutting employment, there are several options available to employers to respond to the minimum wage increase such as raising prices, shortening working hours, reducing employee benefits/allowances and strengthening labor intensity. - Unlike individual companies facing their wage increase, a rise in the legislated minimum wage applies to the overall economy, meaning that companies can adjust prices to spread out the impact. - The majority of job loss resulting from an increase in the minimum wage is observed in the manufacturing industry while the impact has been weak in services sectors. - The higher the minimum-to-median wage ratio, the smaller the impact from the minimum wage increase. In 2016, the ratio marked 35% for the US and 50% for Korea. - Hungary raised the minimum wage by 60% in 2000-2004 in real terms, commensurate with Korea's planned increase. The employment of wage workers retreated by approx. 2%. - If Hungary's estimate is applied, Korea is estimated to see a decrease of 84,000 in employment after the minimum wage increase in 2018. If the US' is applied, the decrease is estimated to be 36,000. As such, Korea's decline in employment is expected at between ...