Samsung's recent wage hike to boost S. Korea's consumption: analyst

SEOUL, Dec. 1 (Yonhap) -- The wage hike implemented last month by Samsung
Electronics Co. is expected to lead to a boost in South Korea's private
consumption of up to 2.9 percent next year, an analyst said Tuesday.
Samsung Electronics, South Korea's largest electronics maker, raised their
standard wages by 10 percent in November, after restoring bonuses for its
employees in October, according to Park Jin, an analyst at Woori Investment and
Securities Co.
"This wage increase will lead to similar moves in other affiliates within the
Samsung Group and will gradually make an impact to other conglomerates," Park
said in a research note.
"The total wage of city workers in South Korea will grow by 11 trillion won
(US$9.5 billion) to 16 trillion won within next year, and the private consumption
will increase 2.0 to 2.9 percent," Park said.
ygkim@yna.co.kr
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