[2024 Women’s Forum] "Work-Family Balance Will Be the Shortcut to Overcoming the Population Cliff"

'2024 Asia Economy Women Leaders Forum' Held
'Women, Demand from Companies' Theme

Attendees are taking a commemorative photo at the 2024 Women Leaders Forum hosted by Asia Economy at Lotte Hotel in Sogong-dong, Seoul on the 30th. (From left) Woo Byung-hyun, CEO of Asia Economy; Lee In-sil, Director of the Korean Peninsula Future Population Research Institute; Lee Eun-mi, CEO of Toss Bank; Joo Hyung-hwan, Vice Chairman of the Low Birthrate and Aging Society Committee; Hyun Sang-soon, Chairman of Asia Economy; Han Duck-soo, Prime Minister; Choi Bo-yoon, Member of the People Power Party; Kim Moon-soo, Minister of Employment and Labor; Kim Byung-min, Deputy Mayor for Political Affairs of Seoul; Park Jung-sook, CEO of Seoul Foundation of Women and Family.

"Women, Demand from Companies"

What do working women need, and why should companies listen to women's voices? In line with changes in companies and business environments, what virtues should women cultivate as future leaders? The "2024 Asia Economy Women Leaders Forum," held on the 30th at Lotte Hotel in Sogong-dong, Seoul, was a fierce arena for finding answers to these questions. Women leaders active both domestically and internationally urged working women to demand more concrete action plans from companies. They also emphasized that actively embracing these demands is the shortcut to sustainable development for Korean companies facing a demographic cliff.

Prime Minister Han Duck-soo is delivering a congratulatory speech at the 2024 Women Leaders Forum hosted by Asia Economy at Lotte Hotel in Sogong-dong, Seoul, on the 30th. Photo by Kim Hyun-min

Prime Minister Han Duck-soo said in his congratulatory speech, "One of the government's top priorities is the coexistence of work and family, allowing women to fully engage in economic activities," adding, "The coexistence of work and family is directly linked to overcoming the population crisis." He pointed out, "Although women's roles have greatly expanded, the overall female labor force participation rate still falls short of the OECD average." He continued, "If women can work without fear of career interruption, it will be a great strength in their growth as leaders in various fields," and stated, "The government will strengthen policy efforts to realize a gender-equal society befitting an advanced country."

Minister of Employment and Labor Kim Moon-soo introduced government policies for work-family balance in his encouragement speech, urging, "The culture within companies must change so that workers can use the system without hesitation." From next year, companies hiring replacement workers can receive government subsidies of up to 1.2 million KRW per month, and workers sharing the workload of colleagues on parental leave will be eligible for support of 200,000 KRW per month. Parental leave benefits have been raised to a maximum of 2.5 million KRW per month, allowing couples to receive up to 5 million KRW combined.

Kim Moon-soo, Minister of Employment and Labor, is delivering an encouragement speech at the '9th Asia Gender Equality Index Awards Ceremony' hosted by Asia Economy on the 30th at Lotte Hotel, Sogong-dong, Seoul. Photo by Kang Jin-hyung

Lee In-sun, Chairperson of the National Assembly’s Women and Family Committee, emphasized the importance of female leadership. Since leadership is not limited by gender, a culture is needed where both men and women enjoy equal opportunities and can demonstrate their capabilities in the workplace. Chairperson Lee said, "It is time for women leaders to establish themselves as agents of innovation pioneering new paths," adding, "The challenges and achievements experienced in their respective positions will provide great inspiration to the next generation of women." She argued that the wisdom and experiences shared by women are the true driving forces behind social change and development.

Lee In-seon, Chairperson of the National Assembly's Women and Family Committee, is delivering a congratulatory speech at the 2024 Women Leaders Forum hosted by Asia Economy at Lotte Hotel in Sogong-dong, Seoul on the 30th. Photo by Kim Hyun-min

Joo Hyung-hwan, Vice Chairman of the Low Birthrate and Aging Society Committee, evaluated in his congratulatory speech, "Today's event is meaningful as a necessary discussion amid our society's strong desire for work-family balance." He diagnosed that our society is facing the '3 Super (超)' crises of ultra-low birthrate, ultra-aged society, and ultra-population cliff. Therefore, he suggested that raising the female employment rate, which is more than 10% lower than that of advanced countries, is the fastest and most certain solution to the decline in the working-age population. Vice Chairman Joo said, "Increasing women's economic participation, closing income gaps, and creating an environment where work and family can coexist is a direct response to the labor shortage caused by low birthrates and a fundamental solution to reversing the low birthrate trend."

Joo Hyung-hwan, Vice Chairman of the Low Birthrate and Aging Society Committee, is delivering a congratulatory speech at the 2024 Women Leaders Forum hosted by Asia Economy at Lotte Hotel in Sogong-dong, Seoul, on the 30th. Photo by Kim Hyun-min

Hyun Sang-soon, Chairman of Asia Economy, mentioned the Asia Gender Equality Index league table in his opening remarks. Asia Economy surveyed the gender equality index from the perspective of work-family balance among the top 100 companies and 36 major financial companies this year. Chairman Hyun said, "Going forward, the league table will serve as a lighthouse for companies to create systems and cultures necessary for work-family balance," adding, "At the same time, women need to take an active stance in demanding improvements in the index from companies."

Hyun Sang-soon, Chairman of Asia Economy, is delivering the opening speech at the 2024 Women Leaders Forum hosted by Asia Economy at Lotte Hotel, Sogong-dong, Seoul, on the 30th. Photo by Kim Hyun-min

Now in its 13th year, the Asia Economy Women Leaders Forum has established itself as a premier networking platform for women in Korea. Sandra Bintgetter, Vice President of Deutsche Telekom, who appeared as the keynote speaker, gave a lecture titled "Why Germany's Largest Telecom Company Employs Parental Leave Takers as Part-Time Workers." Bestselling author Jung Yoo-jung, known for works such as "Seven Years of Night" and "Eternal Heaven," spoke on the theme "The Last Desire of Humans, Searching for Wildness." Leading keywords such as corporate culture, women's careers' virtuous cycle, achievement and overcoming, challenge and growth were highlighted by session presenters including Lee Joo-ho, CEO of Gounsesang Cosmetic, Park Young-sun, former Minister of SMEs and Startups, and Lee Hye-min, CEO of Finda.

The forum also held the "9th Asia Gender Equality Index Awards" ceremony to encourage companies actively fostering female leadership and building gender-equal organizational cultures, sharing their experiences and knowledge. The event continued with the announcement of the "2024 Power K-Women," recognizing women excelling across various fields domestically and internationally beyond boundaries.