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Expatriate Insurance News: S Korea increases expat worker quota

South Korean President Lee Myung-bak has called for more small and medium-sized businesses (SMEs) to hire expatriate workers in a bid to tackle a shortage of suitable employees.

According to the Korean Times, the country’s leader launched proposals to revise regulations on the quota of expat workers a year after the government cut the number of work visas issued to foreigners in order to improve job prospects for Koreans.

‘Manpower shortages have become a common problem among SMEs. It is getting serious and we need to do something urgently,’ Mr Myung-bak pointed out.

One way to do this is to increase the foreign worker quota so small businesses will no longer have to employ undocumented expatriate staff, he said.

The president also highlighted discrepancies between how large conglomerates are reaping the benefits of a recovering economy while smaller enterprises are still struggling, and said big businesses should pursue ‘co-prosperity’ with smaller ones, The Straits Times reported.

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