'Kyeongchong Chairman Son Kyung-sik Secures 4th Term, Vows Full Effort for Labor Market Advancement'

The 55th Regular General Meeting Held
Member Companies Re-elect Chairman Son Unanimously

Son Kyung-sik, Chairman of the Korea Employers Federation (KEF), has secured a fourth term, leading the KEF for another two years. With this, Chairman Son will represent the business community for eight years since 2018, undertaking the tasks of labor reform and stabilizing labor-management relations.

On the 21st, KEF held its regular general meeting at the Chosun Hotel in Jung-gu, Seoul, and unanimously reappointed Chairman Son. The term for the KEF chairman is two years, with no limit on the number of reappointments.

So far, Chairman Son has actively conveyed the voice of businesses to the National Assembly and government as a senior figure in Korea's economic sector. Since his inauguration, KEF has been recognized as having been elevated from a specialized labor-management organization to a comprehensive economic organization. Recently, Chairman Son has participated as an employer member in the Economic, Social and Labor Council, a presidential advisory social dialogue body, focusing on labor reform to enhance corporate productivity and vitality.

Sohn Kyung-shik, Chairman of the Korea Employers Federation

Member companies viewed that since Chairman Son’s inauguration in 2018, he has actively represented corporate interests, exerted full efforts to block last year’s amendment to the Trade Union Act, and contributed to stabilizing the minimum wage over recent years. Furthermore, with the 22nd general election this year and labor reform emerging as a major agenda, there was consensus on the importance of Chairman Son’s role as a senior figure in the business community.

At the general meeting, Chairman Son emphasized, "This year, we will concentrate all KEF’s policy capabilities on advancing the modernization of the labor market." He stressed that labor market modernization, including flexible working hours and rationalization of wage systems, is crucial to overcoming the entrenched low-growth trend in the Korean economy. To this end, KEF plans to form a ‘Labor Reform Promotion Team’ to actively pursue policies aimed at improving unreasonable labor practices and restoring the balance of power between labor and management.

He also pointed out the need to supplement the Serious Accident Punishment Act, which was fully expanded last month, and announced plans to establish a ‘Serious Accident Support Center’ within KEF to support industrial accident prevention for small-scale workplaces. Additionally, he pledged to do his utmost to create a business-friendly management environment by fostering employment conditions suited to demographic changes caused by low birthrates and aging, and by proposing improvements to corporate regulations across various sectors.

Meanwhile, at the general meeting, KEF reappointed executives including Lee Dong-geun, KEF’s full-time vice chairman, along with 22 non-standing members and auditors, following the chairman’s recommendations. Cha Dong-seok, President of LG Chem, was newly appointed as a non-standing vice chairman.