Minju Nochong Decides to Participate in Financial Disclosure Again This Year Following Last Year... Opinions Divided

Accounting Disclosure Refusal Amendment Rejected by 49.2%

The Korean Confederation of Trade Unions (KCTU) has decided to comply with the government's accounting disclosure requirements again this year, following last year.

On the 18th, the KCTU held its 80th Extraordinary Delegates' Meeting at KINTEX in Ilsan, Goyang-si, Gyeonggi-do, where this decision was made. A motion to refuse accounting disclosure was rejected, receiving 493 votes in favor (49.2%) out of 1,002 delegates present, falling short of the majority by a narrow margin.

Yang Kyung-soo, Chairman of the Korean Confederation of Trade Unions (KCTU), is speaking at the 2024 KCTU New Year press conference. [Photo by KCTU] [Image source=Yonhap News]

The union accounting disclosure system was introduced by the government last year with the aim of increasing transparency in union finances. Following the disclosure of the 2022 financial results in October last year, the disclosure for last year's accounts began earlier this month.

While disclosure is voluntary, union members of unions that do not disclose are not eligible for a tax credit of 15% on union dues (30% for amounts exceeding 10 million KRW).

Although the two major federations opposed the accounting disclosure system, they decided to participate out of concern for the disadvantages to their members. Among the 739 unions with more than 1,000 members last year, 675 (91.3%), including the two major federations, disclosed their accounts.

Earlier, the Metal Workers' Union under the KCTU unanimously passed a resolution to refuse accounting disclosure at its delegates' meeting on the 28th of last month and requested the confederation-wide participation in this refusal.