December 17, 2018 / 1:57 AM / 6 months ago

South Korean president hints at slowing the pace of minimum wage hikes

South Korea’s President Moon Jae-in speaks during a meeting with senior aides at the Blue House in Seoul, South Korea, December 12, 2018. Presidential Blue House/Handout via REUTERS

SEOUL (Reuters) - South Korean President Moon Jae-in said on Monday the government may take steps to cushion the effects from the sharp minimum wage increases of a combined 29 percent over two years, which have led to a drop in low-paying jobs.

At a meeting of economy-related ministers, Moon also said the government should aggressively remove hurdles to corporate investment as weak domestic investment added downward pressure on an economy already grappling with slowing exports.

Reporting by Choonsik Yoo; Editing by Shri Navaratnam

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