▲ Minister of SMEs and Startups Lee So-young answers lawmakers' questions during a parliamentary audit by the Trade, Industry, Energy, SMEs, and Startups Committee held at the National Assembly on the 7th.
Minister of SMEs and Startups Lee So-young stated today (October 7) that the proposal to apply the minimum wage differentially by industry is an issue that "requires deliberation."
Minister Lee made the remark during the parliamentary audit of the Ministry of SMEs and Startups by the National Assembly's Trade, Industry, Energy, SMEs, and Startups Committee, in response to a question from People Power Party lawmaker Cho Ji-yeon regarding the burden of labor costs on small business owners and the differential application of the minimum wage by industry.
"I am aware that the minimum wage issue is a conflict between the vulnerable and the vulnerable," Minister Lee said. "We are mindful of the fact that minimum wage increases are leading to an environment where micro-business owners end up working alone without hiring employees."
The minimum wage for next year, 2027, is set at 10,700 won per hour, a 3.7% increase from this year's 10,320 won.
Regarding criticisms that the voices of small business owners should be more heavily reflected in the Minimum Wage Commission, Minister Lee said, "While it is true that two representatives of small business owners are participating as employer representatives, I understand there are voices calling for a larger share for small business owners rather than for large conglomerates."
On the government's revision bill for the family business inheritance tax system, she expressed the position that certain parts need to reflect the opinions from the small and medium-sized enterprise (SME) sector.
Regarding the government's tax revision plan to overhaul the requirements for changing business categories for companies eligible for the family business inheritance deduction, Minister Lee stated, "I think there is valid reasoning behind the opinions from the field that the industry classification part feels unfair."
She added, "We will adopt some of those points and submit the Ministry of SMEs and Startups' stance during the upcoming tax deliberation process."
However, she gave a positive evaluation regarding the proposal to extend the period of corporate operation required to be recognized as a family business.
Minister Lee said, "Since startup companies are originally recognized for up to seven years, recognizing a family business only after 10 years was somewhat short in the past. I think there is rationality in extending the period."
She further noted, "We will organize these points and state the ministry's position."
(Photo: Yonhap News)
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