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Economy

Moon's party seeks to force Korean tech giants to share profits

DP chairman launches task force to divert funds into consumer pockets

 South Korean President Moon Jae-in speaks at the presidential Blue House in Seoul on Dec. 21.   © EPA/Yonhap/Jiji

SEOUL-- South Korea's ruling Democratic Party has launched a task force aimed at putting the country's tech sector under pressure to share profit in a bid to reduce pandemic-induced economic inequalities.

The Post-corona Inequality Relief task force, suggested by party chairman Lee Nak-yon, hopes to divert the high sales and stock prices of tech companies into the pockets of consumers. The country lost the most jobs in two decades in December and the unemployment rate shot up to a ten-year high.

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