Key Figure Lee Jae-myung Spearheads Semiconductor Act Discussions
Democratic Party Moves to Pass the Act Without 52-Hour Workweek Clause
Lee Jae-myung, leader of the Democratic Party of Korea, who holds the key to the revision of the 'Semiconductor Special Act,' the biggest issue in the industry, has shown a progressive stance, drawing attention from both inside and outside the political circle.
Lee Jae-myung, leader of the Democratic Party of Korea (center in the photo), is speaking at the National Assembly on the 3rd during the 'Policy Debate' held under the theme "A Happy and Just Republic of Korea, How to Exclude the Semiconductor Special Act from the Labor Hours Act?" Photo by Yonhap News
On the 4th, the Democratic Party proposed to process the Semiconductor Act, excluding the special provision on the 52-hour workweek, within this month. Jin Seong-jun, chairman of the Democratic Party's Policy Committee, stated at the party policy meeting held at the National Assembly that morning, "Everyone agrees that national support for the semiconductor industry is urgent and essential, so while we will take more time to discuss the heated issues, I propose to process the Semiconductor Act within this month focusing on the matters everyone agrees on." Chairman Jin added, "Recently, with the Deep Seek shock compounding the situation, the semiconductor industry, which accounts for 20% of our exports, is experiencing a great sense of crisis."
In a phone interview with Asia Economy, Representative Jin explained, "Since the Semiconductor Act involves sharp conflicts between labor and management, it seems difficult to reach a perfect consensus," but added, "Excluding the special provision on the 52-hour workweek, the likelihood of passage is expected to increase."
The rapid progress in discussions on the Semiconductor Act is largely due to Lee Jae-myung's role. The day before, Lee chaired a forum at the National Assembly and repeatedly mentioned that semiconductor R&D workers could be excluded from the 52-hour workweek application if necessary.
On the 5th, Lee will also chair a forum hosted by the Democratic Research Institute titled 'Listening to the Concerns of Core Export Companies in the Trump 2.0 Era,' where he will hear opinions from panels including Samsung, LG, SK, and the Korea Chamber of Commerce and Industry. On the 6th, the 'K-Muksanism Headquarters,' led by IT expert Joo Hyung-chul, former CEO of Korea Venture Investment who was recruited last year, will announce the 'Lee Jae-myung-style' industrial policy.
Kim Won-i, a Democratic Party member and opposition whip of the National Assembly's Industry, Trade, Small and Medium Enterprises and Venture Businesses Committee, said in a phone interview with Asia Economy, "Currently, the 'white-collar' issue is strongly opposed by labor unions and labor sides. It cannot be forcibly introduced," adding, "I think the special law should be passed first, and the white-collar issue can be revised reflecting social consensus or an exception can be created in the Labor Standards Act."
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