"Cannot Even Earn 1.55 Million Won" Small Business Association Urges Minimum Wage Reform

Delivering the Harsh Reality Faced by Small Business Owners
Calls for Minimum Wage Reform and Measures to Alleviate High Costs

On the afternoon of the 25th, the Korea Federation of Micro Enterprise held a policy meeting with the Democratic Party of Korea's National Vocational Representatives Conference at the National Assembly Members' Office Building, Room 8, to listen to difficulties in livelihood and domestic economy and discuss measures to revitalize them. They discussed reforms to the minimum wage system and policies to alleviate high costs for small business owners.

The meeting was attended by Song Chi-young, president of the Korea Federation of Micro Enterprise, along with heads of industry associations and regional chairpersons. From the Democratic Party of Korea, Park Hong-geun, co-chair of the National Vocational Representatives Conference, Lee Jung-moon, senior deputy chairman of the Policy Committee, Kim Won-i, secretary of the Industry, Trade, and Small and Medium Venture Business Committee, and Choi Ki-sang, member of the National Assembly, were present.

The Korea Federation of Micro Enterprises held a policy meeting on the afternoon of the 25th at the National Assembly Members' Office Building, Room 8, together with the Democratic Party of Korea's National Functional Representatives Meeting. Provided by the Korea Federation of Micro Enterprises

At the meeting, President Song stated, "The reality is that the average monthly business income of small business owners in 2023 is less than 1.55 million won," emphasizing that "it is urgent to reform the outdated minimum wage system so that vulnerable workers and small business owners can coexist."

He also proposed, "To alleviate the high costs for small business owners, it is necessary to significantly expand the Korea Small Business Market Promotion Corporation's emergency direct loans, increase support for rent and labor costs, implement measures to revitalize commercial districts, and expand budgets for small business-related organizations."

Furthermore, the attendees unanimously called for various institutional improvements, including ▲the establishment of a dedicated electricity tariff system for small business owners ▲reduction of card fees when paying national taxes ▲postponement of mandatory application of barrier-free kiosks ▲and the enactment of the Small Business Welfare Act.

Co-chair Park encouraged the participants by saying, "We will respond with action and results," and urged, "Let us unite to support small business owners in crisis."