According to Korean media reports on the 30th, the Seoul Transportation Commune trade union, which is responsible for carrying some subways in Seoul, will strike from today. Earlier today, the Seoul Transportation Commune Trade Union had issued a message that South Koreans would

According to Korean media on the 30th, the Seoul Transportation Commune trade union responsible for carrying some subways in Seoul will start to strike today. Earlier today, the Seoul Transportation Commune Trade Union had issued a message that South Koreans would have fewer subway flights than usual.

It is understood that the reason for the strike was that the negotiations on the compensation and collective labor agreement between the Seoul Traffic Commune trade union and the commune failed on the 3rd. This is another strike action by the Seoul Transportation Commune Trade Union 3 years after 6html, with about 30,000 subway workers participating.

This is the second strike in South Korea in the past two weeks. On the 24th, South Korean freight truck drivers launched a national strike, which is the second time that South Korea has experienced a freight truck driver strike this year.

Like the Seoul Transportation Commune Trade Union, this group of freight truck drivers are striving to continue the expired "safe freight insurance system" to ensure the minimum income.

South Korea's inflation level hits its highest level in 21 years this year, and the prices of the service industry once rose by more than 80%. In order to deal with the difficult inflation problem, the Bank of Korea announced on the 3rd that it would raise the benchmark interest rate by 253.25%.

Bank of Korea stated that the upward move is based on the domestic price increase trend that has not yet shown a turning point, and considering that the foreign exchange market has eased the risk of and the short-term financial market has shrunk.

Korean Bank also expects that in the future, South Korea's prices will continue to significantly exceed the target level, so it is necessary to maintain the tone of the interest rate upward in the short term.

South Korea is also facing economic pressure from the Inflation Cutdown Act, which will come into effect in January 2023. The bill proposes to subsidize the domestic manufacturing industry in the United States, increasing the production costs of the South Korean new energy industrial chain . This also brings considerable risks of intensifying inflation.

text | Chen Leshan title | Huang Zixin review | Zeng Yi