Hankyungyeon "Regret over ILO Core Convention Ratification Bill Passage, Supplementary Legislation Needed" Commentary

[Asia Economy Reporter Kim Hyewon] The Korea Economic Research Institute under the Federation of Korean Industries expressed regret and demanded supplementary legislation following the passage of the ratification bill for the International Labour Organization (ILO) core conventions, a campaign pledge of President Moon Jae-in, at the National Assembly plenary session on the 26th.

In a statement released that day, the Korea Economic Research Institute said, "We express regret over the passage of the ILO core conventions ratification bill at the National Assembly today, following last year's amendment to the Labor Union Act, which the business community has continuously opposed."

The institute pointed out, "Despite the business community's appeals for careful discussion in the National Assembly due to the significant impact of the Labor Union Act and the ILO core conventions ratification bill on our economy and companies, it was effectively handled unilaterally without in-depth discussion."

It further expressed concern, stating, "With the passage of the ILO core conventions ratification bill, only workers' right to organize is strengthened, which will deepen the power imbalance favoring labor unions, as well as cause serious side effects such as reduced corporate investment motivation and job losses."

Considering that cooperative labor-management relations can be achieved through institutional balance, it requested supplementary legislation to align user counter-rights-related systems?such as allowing alternative labor, prohibiting workplace occupation, and improving unfair labor practices systems?with global standards.