Korean Minimum Wage Increase Leads to the Loss of 42,000 Full-time Convenience Store Jobs

Anyone surprised by this? I hope not because it is simple math that employers would cut back on employees if labor costs became too expensive due to forced minimum wage increases. This is especially true for all the mom and pop shops you see in South Korea:

The steep increase in the minimum wage caused 42,000 full-time jobs in convenience stores to disappear in 2018 as they were unable to pay the increased salaries, the Korea Association of Convenience Store Industry said Tuesday.

According to the association, the average number of jobs available per convenience store plummeted to five, down from 5.8 in 2017. The number of full-time staff who worked more than three to four days per week and received monthly wages fell from 2.3 to 1.1.

Chosun Ilbo

You can read more at the link, but young people in South Korea are already having a hard time finding a job and now even a convenience store job is harder to get.