South Korea Shifts Gears, Aims At More Labor-friendly Growth

SEOUL, South Korea (AP) — South Korea's new leadership has promised to help many left behind as the country grew prosperous, laying out a new five-year economic plan that promises to boost incomes and improve the country's sagging social safety net. Government subsidies for babies, young job seekers and the elderly will be increased while the unemployment benefits will go up by 10 percentage points. South Korea's economic recovery has been gaining steam as tech companies like Samsung and SK Hynix log record profits thanks to strong demand for computer memory chips. Consumer demand has slowed amid high levels of household debt, lagging incomes and a widening gap between workers with full-time regular jobs at big companies and those with irregular jobs or working at small companies.

Topics:  seoul   south korea ap     south korea   government   south korea   sk hynix   consumer   companies   demand   incomes   economic   country   jobs   

 

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More Business News