Yoon "Establish Rule of Law in Labor Relations"... Business Community "Yellow Envelope Act Hinders Labor Modernization"

The 1st Korea CEO Forum

[Asia Economy Reporter Su-yeon Woo] As President Yoon Suk-yeol emphasizes the establishment of labor-management rule of law, the business community strongly condemns the revision of the Labor Union Act. They are calling for a halt to the review of the amendment, arguing that it hinders the advancement of the labor market.

The Korea Employers Federation held the 'Korea CEO Forum' on the 16th at the Chosun Hotel in Seoul. It was organized to discuss labor reform, one of the government's three major reform tasks. President Yoon delivered a message through Ahn Sang-hoon, Senior Secretary for Social Affairs, and Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho gave the keynote speech. Minister of Employment and Labor Lee Jeong-sik presented the government's labor reform direction and roadmap.

On the day, President Yoon said, "Labor reform is the most urgent task," emphasizing, "We must restructure the labor market to meet global standards and establish labor-management rule of law." He also mentioned the need to create quality jobs, reform the wage system for fair performance compensation between labor and management, and build cooperative labor-management relations. The government also promised support. President Yoon stated, "We will actively support our companies to maximize their capabilities in the global market where a silent war is underway."

Son Kyung-sik, Chairman of the Korea Employers Federation, responded, "It is very timely to make labor reform a major national agenda to enhance national competitiveness." At the same time, he condemned the passage of the Labor Union Act amendment, which passed the National Assembly's Environment and Labor Committee subcommittee the day before. Chairman Son said, "Additional legislation that worsens labor-management relations and hinders the advancement of the labor market should be avoided." He also appealed for the urgent passage of the Restriction of Special Taxation Act, which expands tax credits for corporate investment.

Chairman Son emphasized, "As Korea is an open country centered on manufacturing, taxes and regulations should not be disadvantageous compared to competing countries," adding, "Support from the government and political circles is necessary to strengthen competitiveness."