(Source: Ministry of Employment and Labor of the Republic of Korea) Mar. 21, 2016. The employment situation is deteriorating day by day with the youth unemployment rate hitting 12.5%, its highest level since the Asian financial crisis. Against this backdrop, the government has announced four key labor reform tasks that should be implemented at the workplace level and decided to pursue them as a top priority for the first half of this year. (1) Expanding youth employment through voluntary wage restraint among executives and employees in the top 10% income bracket and companies' additional contributions The wage gap, especially between large companies and SMEs is very huge in Korea. Given...
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