Lee visited the Korea Employers Federation… Regarding requests for labor market flexibility, he commented, “The longest working hours are a point of shame.”
Chairman Son Kyung-shik expressed appreciation for the decision to abolish the financial investment income tax, and Lee responded, “The core of people’s livelihoods is business activity.”
(Seoul=Yonhap News) Reporter Park Kyung-joon – On the 11th, Democratic Party Leader Lee Jae-myung visited the Korea Employers Federation in Mapo-gu, Seoul, and met with Chairman Son Kyung-shik and others to listen to the business community’s proposals and discuss economic revitalization measures.
During the meeting, there was an exchange of opinions regarding business issues such as the Democratic Party’s pending amendments to commercial law.
Chairman Son commented on the commercial law amendments, saying, “Please consider that expanding the duty of directors to shareholders could potentially constrain normal business activities.”
He also conveyed the business community’s concerns, noting, “Accumulated inefficient regulations in the labor market are undermining corporate competitiveness and restricting investments.”
He continued, “We need to revitalize the rigid labor market,” stressing that “it is urgent to enhance labor market flexibility by ensuring workers’ choice regarding working hours and transitioning to a performance-based wage system.”
He further remarked, “Discussions are taking place on reducing statutory working hours and extending retirement age without considering labor market flexibility, which could severely undermine corporate competitiveness. In the legislation applying labor standards to businesses with fewer than five employees, the voices of small business owners should also be reflected.”
In response, Leader Lee stated, “Securing labor flexibility is a natural demand,” but added, “Having some of the longest working hours globally can be considered shameful,” presenting a differing view.
He added, “The high rate of industrial accident fatalities might not significantly impact businesses, but it is a challenge that needs addressing from a political standpoint,” emphasizing the need for “practical and reasonable improvements.”
He mentioned, “Labor flexibility and social safety nets are intertwined, creating difficult situations,” noting that “unions make demands such as mandatory hiring of their children, which, although hard to understand, shows the level of desperation.”
Lee concluded, “Protests and pressure alone won’t resolve issues. Ultimately, it depends on politics and government policies,” emphasizing the need for a “social grand compromise.”
Meanwhile, Chairman Son thanked Leader Lee for his recent stance on abolishing the financial investment income tax, saying, “The decision will invigorate the stock market,” and adding that “considering rational aspects such as inheritance and corporate taxes will benefit more companies’ investments.”
Leader Lee stated, “The key to people’s livelihoods is business activities,” explaining that “encouraging business activities and creating more jobs is what generates wealth for the nation.”
In political circles, there is analysis that Leader Lee’s visit to the employers’ federation is an extension of his centrist strategy focused on pragmatic solutions.
On the 4th, Leader Lee also met with SK Group Chairman Chey Tae-won to discuss support measures for the artificial intelligence (AI) industry.
kjpark@yna.co.kr