A resurgent Asia is introducing a new strategy: income-led economic growth. Initiated by South Korea and Malaysia the concept aims to connect an increase in wages to the GDP growth rate.
As governments face an evolving workforce and strained state-run welfare systems, development economists say a few countries are also experimenting with the idea of Universal Basic Income as a simple substitute for the existing welfare systems.
South Korean President Moon Jae-in came up with the strategy of ‘income-led growth’ which envisaged frequent increase in minimum wages — South Korea hiked its minimum wage by 16 per cent in February this […]
Full Post at www.dawn.com