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S Korea hits brakes on rapid wage gains as economy sputters

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SouthKorea hits brakes on rapid wage gains as economy sputters

South Korea slammed the brakes on ambitious pay raises at the centre of President Moon Jae-in's growth strategy Friday as the vulnerability of an economy struggling with slumping exports and growing joblessness hit home.SOUTH Korea slammed the brakes on ambitious pay raises at the centre of President Moon Jae-in's growth strategy Friday as the vulnerability of an economy struggling with slumping exports and growing joblessness hit home.

"It shows the government is worried about the economy and has come to grips with reality," said Park Jeong-woo, an economist at Korea Investment & Securities. Within the commission, the so-called public-interest commissioners - appointed by the president and labour minister - usually hold sway when labour and businesses disagree.

 

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