Jul 25, 3:07 AM EDT

South Korea new economic plan promises to address inequality, fortify social safety net

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AP Photo/Ahn Young-joon

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SEOUL, South Korea (AP) -- South Korea's new leadership has promised to help many left behind as the country grew prosperous, laying out a new five-year economic plan that promises to boost incomes and improve the country's sagging social safety net.

The labor-friendly economic blueprint released Tuesday by the finance ministry is aimed at addressing mounting concern over growing inequality. It calls for sharply increasing the minimum wage and unemployment benefits and imposing bigger fines for unfair business practices, among other measures.

President Moon Jae-in said it marks a "complete paradigm shift" in the South Korean economy.

The plan also calls for better transparency and governance at South Korea's family-controlled big businesses, or chaebol, and addressing unfair dealings between big companies and their small contractors.

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