[Exclusive] KEF and FKI Hold Emergency Meeting with People Power Party Leadership, Request Boycott of Commercial Act and Yellow Envelope Act

The Business Community on High Alert Over the Commercial Act and Yellow Envelope Act
"Please Block Passage at the Plenary Session on the 4th," They Request

The Korea Employers Federation (KEF) and the Federation of Korean Industries (FKI) officially requested a 'boycott' on July 31, during a meeting with Song Eon-seok, the interim leader and floor leader of the People Power Party, and other party leaders. The request was made regarding the Commercial Act amendment and the Yellow Envelope Act (amendments to Articles 2 and 3 of the Trade Union and Labor Relations Adjustment Act), both being pushed forward by the Democratic Party of Korea.

Lee Dong-geun, Executive Vice Chairman of KEF, and Kim Chang-beom, Executive Vice Chairman of FKI, held an emergency meeting that morning at the National Assembly main building with Leader Song, Kim Jung-jae, Policy Committee Chair of the People Power Party, Park Hyung-soo, the party's secretary on the Legislation and Judiciary Committee, and Yoo Sang-bum, the party's Deputy Floor Leader for Parliamentary Operations, to discuss the contentious bills.

Yonhap News

Specifically, KEF requested that the Yellow Envelope Act not be put to a vote, while FKI asked for the same regarding the Commercial Act amendment. Both organizations requested that the bills not be tabled at the full session of the Legislation and Judiciary Committee on August 1, nor passed at the plenary session scheduled for August 4.

A KEF representative explained, "We requested that these bills be stopped from being brought up at the Legislation and Judiciary Committee and the plenary session."

A People Power Party official stated, "There is a full session of the Legislation and Judiciary Committee tomorrow, and this meeting was intended to explain the boycott." The official further explained, "Representative Park determined that it would be better to discuss this matter in depth with the party leadership, including the floor leader, rather than having KEF explain it only to the committee secretary, so the meeting was arranged urgently."

The Democratic Party of Korea plans to pass the Yellow Envelope Act, which strengthens the three basic labor rights (the right to organize, the right to collective bargaining, and the right to collective action), as well as the Commercial Act amendment, which includes measures such as cumulative voting and the expansion of separately elected audit committee members, at the plenary session of the National Assembly on August 4.

Leader Song told reporters the previous day, "If negotiations between the ruling and opposition parties break down, the only option available to minority opposition parties is a filibuster (unlimited debate)," and added, "If the contentious bills are tabled, we plan to continue unlimited debate on each and every bill."