"Restrictions on Executive Compensation... Concerns Over Talent Outflow Abroad"
"Politicians Should Not Sacrifice the People"
Lee Jae-myung, the Democratic Party presidential candidate, is giving a lecture at the Economic Policy Dialogue held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, on the afternoon of the 14th. [Image source=Yonhap News]
[Asia Economy Intern Reporter Kang Wooseok] On the 14th, Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, criticized Sim Sang-jung, the Justice Party candidate's pledge called the 'Fat Cat Law,' saying, "'Isn't it the 'Samsung Electronics Collapse Law'? Isn't it the 'Xi Jinping Smile Law' that China would like?"
On the same day, Lee said at an economic policy dialogue titled "Reporting to Businesspeople" held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, "If we limit the salaries of corporate executives by several times, talented management personnel will all go elsewhere."
He continued, "It would be possible if the whole world simultaneously (set limits), but that is not possible. Since we have to compete internationally, it cannot be blocked just because it is decided within our own country like a frog in a well; rather, national wealth and technology will be leaked," adding, "The intention is ideal and there are aspects I sympathize with, but my harsh (realistic) judgment is included. That is the market economy," raising his voice.
He emphasized, "Politicians should not attempt to sacrifice the people to realize their political values, ideals, and beliefs," and "We are agents employed by the people, not thinkers, civic activists, or social activists."
Sim's pledge, the 'Fat Cat Law,' includes provisions that private companies cannot pay their executives more than 30 times the minimum wage. In addition, the highest wage in the public sector is limited to 10 times the minimum wage, and the wages of high-ranking public officials such as members of the National Assembly are limited to 5 times the minimum wage.
Previously, on the 11th, Lee and Sim clashed over the 'Fat Cat Law' during a presidential candidate TV debate. At that time, Lee spoke about the need to respect the market, and Sim acknowledged the need for discussion regarding the private sector while advocating for priority wage limits for public sector workers and members of the National Assembly.
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