0304 Minimum Wage (?????) - a podcast by tbs eFM

Today’s theme: Minimum Wage


Minimum wage is an hourly statutory labor cost set by the government to force employers to pay over a certain level for their employees to maintain minimum standard of living. Over the years, Korea’s minimum wage has surged a number of times since 1989, with the most recent raise of 16.4% to 7,530 won starting this year. Some are happy with higher pay, but others say employers are dodging the increasea and even laying people off instead of paying them more. Is minimum wage the solution to the employment and economic problems at hand? Questions: Does it work? Is it discriminatory? Does it create more unemployment? Will it lead to the increased automation of jobs? We look into the pros and cons of the system with experts from around the world.


The Conversationalist
with

Professor Yang Junsok
- Department of Economics at Catholic University of Korea


“The current government is promoting wage-led growth which means to seek economic growth by boosting household income and spending. Do you think raising the minimum wage can help achieving this goal?

As in any countries, there is a noticeable difference between the cost of living in a large city and more rural areas. Thus some nations, including Japan, have adopted a system in which the minimum wage is relative to the area: something akin to a smart wage. Do you think that Korea should be looking at something like this?”



&
Professor Margot Young

- in the Allard School of Law at the University of British Columbia, and a Research Associate with the Canadian Centre for Policy Alternatives-BC Office





“We’re encountering a structural shift in the labor market which led to famous people like Elon Musk advocate the idea of universal basic income. But what led the Ontario state to experiment with this idea?

Unlike minimum wage, basic income doesn’t require the recipients to work to earn it. What can they do instead of participating in the labor market?”



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