April 20, 2024

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[THE INVESTOR] Korea’s chief economic policymaker said on Jan. 16 that the government is set to roll out measures to help small shop owners and small-scale firms struggling with rising rental fees and growing costs.

“The government is working on a variety of support measures,” Finance Minister Kim Dong-yeon said during a ministers meeting about the economy.

The measures include a cut in credit card commissions charged to small shops and a ceiling on rental fee hikes, he said.

The upcoming measures come as the government is helping lessen the burden on small businesses that have been hit hardest by an increase in the minimum wage.

In July last year, the country decided to raise its minimum wage by 16 percent to 7,530 won (US$6.60) for 2018, marking the biggest jump in about two decades.

The Moon Jae-in administration has pledged to raise the minimum wage to 10,000 won before his single five-year term ends in 2022.

The government has earmarked 3 trillion won to reduce the burden on smaller firms that hire part-time workers.

By Alex Lee and newswires (alexlee@heraldcorp.com)