Wednesday, October 29, 2008

Does this mean I don't get a raise???

I was reading the Korea Times and saw this article . . .

Lee Asks Officials to Share Pains

President Lee Myung-bak urged all government employees Wednesday to ``share pain'' with the public from the global financial crisis, saying Cheong Wa Dae and ministries will do their utmost to overcome the difficulties.

All public servants should try harder to address the concerns and difficulties of ordinary people, who are suffering from economic hardship,'' Lee was quoted as saying by presidential spokesman Lee Dong-kwan at his weekly meeting of senior presidential secretaries.

We've announced a wage freeze for public servants and cost-cutting programs, but they are not enough to share pain with the public. All public servants, including me, should work as if they are in a state of emergency.''

Lee said the global crisis is posing serious threats to the Korean economy, but firms have performed well. He said the current account would swing back to a surplus this month.

The message came one day after Prime Minister Han Seung-soo
instructed government agencies and public firms to freeze wages, cut spending and refrain from taking overseas trips to share the burden with the private sector from the deepening economic woes.

As of the end of 2007, South Korea's public sector had a total of 259,159 employees on its payroll.
Their average wage increased 3 percent last year, according to the Ministry of Strategy and Finance.

The prime minister said banks, which will receive $100 billion in payment guarantees for their foreign currency loans under the government's bailout plan, will also face belt-tightening measures.

Last week, heads of major banks and financial institutions issued a statement, pledging to reform their organizations in return for the government's debt guarantees.


Obama needs to get into office ASAP!


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