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Labour, business, government kick off dialogue for first time in 22 years: Korea Herald

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In its editorial, the paper says that the goal of the dialogue is to minimise the negative impact of the coronavirus on employment, with 1.48 million South Koreans already on furlough.. Read more at straitstimes.com.

SEOUL - The government, businesses and labour groups kicked off a dialogue Wednesday to seek ways to weather the economic crisis caused by the coronavirus pandemic.

The number in March was 1.6 million, up 1.26 million from a year earlier. The numbers and margins of increase were the highest since related data was first compiled in July 1983. Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki said the government will create more than 550,000 jobs in the public sector, but fiscally created jobs are unsustainable. It is urgent to create jobs in the private sector.An employment cliff is a difficult problem because of the different positions of labour and business.

The operating and net profits of Kospi-listed companies fell 31 per cent and 48 per cent year-on-year, respectively, in the first quarter. Their second-quarter results are expected to be worse.

 

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