"One of President Moon’s campaign pledges was to raise the hourly minimum wage from the current 6,470 [$5.80!!!] won to 10,000 won in the next three years, and while the initiative is meant to prop up low-income earners, various studies have shown that small business owners could bear the brunt of the raise.
According to research by Hana Financial Investment, department store profit is expected to fall 3.2 percent, profit at large discount chains by 10.3 percent and convenience stores 9 percent if the minimum wage goes up to 10,000 won."No doubt small businesses will carry the burden of an increased minimum wage. But hey, feel free to fall off the demographic cliff as young people continue to not get married and not have children.