South Korean Finance Minister Kim Dong-yeon, center, speaks during a press conference at the government complex in Seoul, South Korea, Tuesday, July 25, 2017. South Korea's new administration is shifting gears to achieve a fair and labor-friendly economy after decades of growth led by big businesses left many behind in economic prosperity. (AP Photo/Ahn Young-joon)
The Associated Press
SEOUL, South Korea (AP) - South Korea's new leadership has promised to help many left behind as the country grew prosperous, laying out a new five-year economic plan that promises to boost incomes and improve the country's sagging social safety net.
The labor-friendly economic blueprint released Tuesday by the finance ministry is aimed at addressing mounting concern over growing inequality. It calls for sharply increasing the minimum wage and unemployment benefits and imposing bigger fines for unfair business practices, among other measures.
President Moon Jae-in said it marks a "complete paradigm shift" in the South Korean economy.
The plan also calls for better transparency and governance at South Korea's family-controlled big businesses, or chaebol, and addressing unfair dealings between big companies and their small contractors.
South Korean Finance Minister Kim Dong-yeon smiles during a press conference at the government complex in Seoul, South Korea, Tuesday, July 25, 2017. South Korea's new administration is shifting gears to achieve a fair and labor-friendly economy after decades of growth led by big businesses left many behind in economic prosperity.(AP Photo/Ahn Young-joon)
The Associated Press
South Korean President Moon Jae-in, center, speaks during a cabinet meeting at the presidential Blue House in Seoul, South Korea, Tuesday, July 25, 2017. South Korea's new administration is shifting gears to achieve a fair and labor-friendly economy after decades of growth led by big businesses left many behind in economic prosperity. (Bae Jae-man/Yonhap via AP)
The Associated Press