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KEF Proposes to Freeze or Cut Laborer"s Wages

Feb 25,1999
The Korea Employers' Federation(KEF) decided to freeze or reduce laborer's wages in 1999.
Contract negotiations this year are expected to be fiercely contested, because KEF's decision reveals a big gap from that of The Federation of Korean Trade Unions and the Korean Confederation of Trade Unions, which are seeking raises of 5.5 and 7.7 percent, respectvely, over 1998's levels.
KEF held a meeting of membership chairmans at the Choson Hotel in downtown Seoul, on February 25.
It decided to notify its membership companies that companies that have finished their restructuring should freeze their employees' wages at 1998 levels, while companies still in the process of restructuring, should make cuts in salaries.
KEF explained that the membership companies agreed to reorganize their salary structures to above all ensure the stability of employment, considering the current, eight-percent unemployment rate.
Cho Nam Hong, vice chairman of KEF, said 'As laborers have much to gain in employment stability, they have to accept KEF's decision.'


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