Pres. Lee: Cuts in High Salaries to Create More Jobs

President Lee Myung-bak said yesterday that the government will create jobs by inducing high-salary earners at financial and state-owned companies to voluntarily accept pay cuts.

He made the comment in a meeting with ruling Grand National Party Chairman Park Hee-tae, agreeing on the importance of prompt implementation of economic emergency measures.

“The government is preparing measures to deal with those who have fallen victim to the financial crisis, including offering free meals, education for their children, and housing facilities,” President Lee said.

On four major policies to revive the economy, he proposed job creation to alleviate youth unemployment, measures for those suffering from the financial crisis, sharing more jobs, and removing political red tape hampering economic recovery.

He also said the reform measure he submitted to the National Assembly was part of his presidential campaign pledge, urging public support for prompt economic revival.

Ruling party leader Park also emphasized that emergency measures should proceed to revitalize the economy and the need for a Cabinet reshuffle to overcome the economic slowdown.

taylor55@donga.com