Kim Younghoon Meets with Choi Taewon, Sohn Kyungshik, and Kim Kimum
Business Leaders Express Concerns over the Yellow Envelope Act
That afternoon, Minister Kim visited the Korea Chamber of Commerce and Industry in Seoul and met with Chairman Choi Taewon. He stated, "In order for the changes in the labor market brought about by artificial intelligence (AI) technological innovation to yield positive results for future generations, labor, management, and the government must work together to find solutions."
Minister Kim added, "I fully understand the voices of business leaders regarding various labor issues, and I will do my utmost to resolve challenges on the ground and ensure that good intentions are realized. Since the role of businesses is crucial in creating quality jobs, the government will also work together with businesses to support their growth."
Chairman Choi responded, "We have high expectations since the minister is well-acquainted with the realities on the ground. There is significant interest and concern regarding issues such as ordinary wage, serious industrial accidents, the amendment of Articles 2 and 3 of the Trade Union Act (Yellow Envelope Act), and the extension of the retirement age. I hope these matters will be reviewed with a balanced perspective." He also said, "As changes in the labor environment due to AI technological shifts and the inevitable transition to new work formats that combine humans and AI become more pronounced, it is necessary to secure flexibility with productivity in mind."
Kim Younghoon, Minister of Employment and Labor, Visits Korea Chamber of Commerce and Industry(Seoul=Yonhap News) Photo by Shin Hyunwoo = Kim Younghoon, Minister of Employment and Labor (left), is having a conversation with Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry, during his visit to the Korea Chamber of Commerce and Industry in Jung-gu, Seoul on July 24, 2025. [Joint Coverage] nowwego@yna.co.kr (End)
Earlier that morning, Minister Kim met with Kim Kimum, Chairman of the Korea Federation of SMEs, and Sohn Kyungshik, Chairman of the Korea Employers Federation, to listen to voices from the field. Chairman Kim asked Minister Kim, "Please fully consider the opinions of the SME sector regarding the reduction of working hours, the Serious Accidents Punishment Act, the minimum wage, and the amendment of Articles 2 and 3 of the Trade Union Act, and pursue policies that minimize side effects." He also requested the establishment of discussion tables, such as policy roundtables with the SME sector, so that labor and management can achieve win-win outcomes.
Chairman Sohn likewise conveyed, "Recent challenging domestic and international conditions are reducing the overall vitality of the economy," and expressed businesses' concerns regarding the amendment of Articles 2 and 3 of the Trade Union Act, reduction of working hours, and extension of the retirement age. He added, "In order to stabilize labor-management relations and restore dynamism to the labor market, it is necessary to create a forum for dialogue where labor, management, and the government can work together to find solutions. I hope the new minister will take an interest in this."
In response, Minister Kim stated, "We must move away from the outdated paradigm that pro-labor policies are anti-business. To this end, I will do everything necessary to ensure that labor truly contributes to growth." He continued, "We will support the activation of multi-layered social dialogue in various formats, including among labor, management, and government; between labor and government; and between labor and management."
Labor Minister Kim Younghoon Visits Korea Employers Federation(Seoul=Yonhap News) Reporter Lim Hwayoung = Kim Younghoon, Minister of Employment and Labor (left), visited the Korea Employers Federation (KEF) in Mapo-gu, Seoul, on July 24, 2025, and is moving to the chairman's office with KEF Chairman Sohn Kyungshik.
2025.7.24
Photo by Lim Hwayoung
(End)
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
