South Korea’s labor market efficiency was the second lowest of the seven major economies that belong to the so-called “20-50 club,” according to the Federation of Korean Industries, the nation’s largest business lobby group.

Citing a report from the Geneva-based World Economic Forum, the FKI said Tuesday that there were seven countries with a per capita income of over $20,000 and population of over 50 million - the U.S., Britain, Japan, Germany, France, South Korea and Italy.

WEF’s labor market efficiency report is based on multiple indices including labor-management cooperation, lay-off costs, employment and unemployment customs, flexibility of wage negotiations and female economic participation among the 14-65 age bracket.


koreaherald@heraldcorp.com