80% of Business and Economics Professors Say "New Government Should Revitalize Labor Market for Job Creation"

KEF Survey of 103 Business and Economics Professors
"Need for Flexibility in Working Hours and Reform of Wage System"

Professors from business and economics departments across the country have identified "job creation" as the most important employment and labor policy that the new government should prioritize.

On June 30, the Korea Employers Federation conducted a survey of 103 domestic professors of business and economics, asking about the employment and labor policies they expect from the new government. According to the results, 79.6% of all respondents answered "labor market revitalization for job creation."

Regarding the employment and labor policies that should be promoted to revitalize the labor market for job creation, "expanding flexibility in working hours management" accounted for 27.2%, and "supporting the shift to a job- and performance-based wage system" accounted for 20.9%.

This was followed by "relaxing employment rigidity through improvements to the dismissal system" (17.5%), "extending the retirement age" (11.2%), and "reasonable improvements to the minimum wage system" (10.7%).

Additionally, for labor law reforms needed to stabilize labor-management relations, respondents cited "punishment for illegal and political strikes" (26.7%), "improvement of the unfair labor practices system" (20.4%), and "allowing replacement workers during labor disputes" (13.6%).

In contrast, key provisions of the amendment to Articles 2 and 3 of the Trade Union Act (commonly known as the "Yellow Envelope Law"), such as "allowing subcontractor unions to engage in collective bargaining and industrial action against the principal company," received 11.7%, and "restricting claims for damages for illegal strikes" received 7.8%.

For employment and labor policies that should be promoted to establish the rule of law at industrial sites, respondents prioritized "improving illegal and unreasonable practices such as hereditary employment," "strict response to illegal acts by labor unions," and "transparency in labor union accounting."

To protect vulnerable groups in the labor market, 42.7% of respondents cited "expanding employment services for unemployed youth and women with career interruptions," followed by "supporting reemployment and providing education and training for elderly workers" at 38.8%.

Meanwhile, respondents identified "shortening working hours" (31.1%) and "amendment to Articles 2 and 3 of the Trade Union Act (the so-called 'Yellow Envelope Law')" (28.2%) as the bills expected to have the most negative impact on corporate competitiveness.