Economic Circle: "Yoon's Veto of the 'Yellow Envelope Act' Inevitable... A Decision for the National Economy"

Hankyung Association: "Inevitable Measure to Prevent Struggle-Only Approach"
Korea Employers Federation: "Relieved That the Bill Was Sent Back to the National Assembly for Reconsideration"
Korea International Trade Association: "Should Not Be Obsessed with the Issue of Legal Amendment Processing"

The business community unanimously stated that President Yoon Seok-yeol's decision to return the amendment to the Labor Union and Labor Relations Adjustment Act (the "Yellow Envelope Act") to the National Assembly and request reconsideration was an inevitable measure for the national economy. They evaluated it as a decision made to prevent the spread of 'struggle omnipotence,' which resolves wage collective agreements mainly through strikes.

President Yoon Suk-yeol delivers a congratulatory speech at the 79th Liberation Day Celebration held at the Sejong Center for the Performing Arts in Jongno-gu, Seoul, on the 15th.
[Photo by Yonhap News]

On the 16th, the Korea Economic Association issued a statement saying, "We judge that the president's exercise of the veto right on the labor union law amendment passed by the plenary session of the National Assembly was an unavoidable measure to establish a labor-management relationship based on coexistence and cooperation," adding, "The amendment indiscriminately expands the scope of labor disputes, raising serious concerns that it encourages struggle omnipotence, trying to resolve all issues through strikes that should be solved through dialogue between labor and management." The association also said, "We hope that during the National Assembly's reconsideration process, a thorough review of the side effects the amendment may have on the national economy and social order will be conducted."

The Korea Employers Federation stated, "We are very relieved that the president's veto was a decision made for the national economy and future generations," adding, "The amendment expands the definition of 'employer,' which will collapse the industrial ecosystem between primary and subcontractors, and by broadening the concept of labor disputes and limiting liability for damages caused by illegal strike actions, it is a bad law that encourages labor disputes and illegal activities." The federation emphasized, "The National Assembly must abolish the returned amendment and now focus on creating jobs by revitalizing the economy."

The Korea International Trade Association said, "The business community has been concerned that if the amendment is implemented, conflicts in industrial sites, as well as domestic and foreign corporate investment contraction and job reduction, will endanger the national economy," adding, "We are relieved that the government responded with a correct decision after careful consideration." The association requested, "We hope the National Assembly will no longer be obsessed with processing the amendment and instead unite efforts to improve laws and systems for building a labor-management culture of coexistence and cooperation."