A survey found that eight out of 10 small business owners are heavily burdened by the minimum wage.

On the 21st, the Korea Federation of Small Business conducted a survey of 700 small business owners from May 6 to 25 on the impact of the minimum wage increase, and 87% of small business owners said they were "burdened by the burden of paying for the minimum wage."

By industry, coffee shops (92.9%), hair salons (91.7%) and other wholesale and retail businesses (91.1%) answered that the minimum wage burden is high.

In the survey, small business owners who responded that their operating profit decreased compared to the previous year accounted for 42.6% of the total survey subjects. In particular, 92.7% of 234 small business owners who have employees rather than single-person workplaces said their operating profit fell due to the rise in the minimum wage. Small business owners who responded that their operating profit decreased compared to the previous year chose 8,500 won to 9,000 won (54.7%) as the appropriate minimum wage to maintain employment.

"In order to restore the survival and employment of small business owners, policy supplementary measures such as the application of the minimum wage by industry and the establishment of a job security fund are urgently needed," said Song Ki-young, chairman of the Korea Federation of Small Businesses.

[Reporter Yang]