KCCI "Current Government's Regulatory Innovation Performance Scores 49.8 out of 100"

[Asia Economy Reporter Changhwan Lee] A survey revealed that companies have very low satisfaction with the current government's regulatory innovation.

The Korea Employers Federation announced on the 21st that it conducted the "2021 Regulatory Innovation Satisfaction Survey" targeting 322 companies with 50 or more employees nationwide, and the satisfaction score for the current government's regulatory innovation was 49.8 out of 100 points.

Among the surveyed companies, 68% rated the current government's regulatory innovation performance as "average." The "dissatisfied" responses (15.2%) were higher than the "satisfied" responses (14.3%).

When asked about the period with the best regulatory innovation performance, 70.8% of the responding companies said "there is no significant difference between governments." This was followed by "Lee Myung-bak government" (9.9%), "Moon Jae-in government" (7.8%), "Roh Moo-hyun government" (4.0%), and "Park Geun-hye government" (2.8%).

Regarding the outlook for future regulatory improvement systems, 77.3% responded that "the regulatory environment will not improve," indicating that companies have low expectations for regulatory improvements.

The most urgent regulatory area for improvement was identified by 46.3% as "labor regulations," including the Serious Accidents Punishment Act and the 52-hour workweek system.

Regarding awareness of regulatory improvement systems, "Regulatory Reform Sinmungo" had the highest recognition at 34.5%. It was also considered the most effective system by 26.1% of respondents.

On the other hand, responses stating "there is no effective system" and "there is no system they intend to use" were 20.1% and 31.1%, respectively.

Lee Hyung-jun, Head of Employment and Social Policy at the Korea Employers Federation, said, "Although various regulatory improvement systems were promised by successive governments, on-site satisfaction was not high, and the possibility of future improvement was also low. It is urgent to implement policies that drastically improve the regulatory environment surrounding companies."