Preparing Measures for High Exchange Rates
Urgent Inquiry at Political Affairs Committee,
Photo=News1,
, ‘The People’s Power (PPP) has urged the withdrawal of the Yellow Envelope Act (amendments to Articles 2 and 3 of the Union and Labor Relations Adjustment Act) announced by the government, calling it “a law opposed even by labor unions.” The government and ruling party plan to activate a bipartisan civilian economic consultative body to scrap the Yellow Envelope Act if it is not withdrawn.’,
,
, ‘On the 25th, PPP Floor Leader Song Eon-seok stated at a parliamentary strategy meeting in Seoul, “The business community perceives that the unification of primary and subcontractor negotiation channels has virtually collapsed, while the labor sector opposes it as it restricts negotiation rights for subcontractor unions,” echoing these sentiments.’,
,
, ‘Song further urged, “The hurried handling of the extension of the mandatory retirement age without social consensus should be stopped immediately, and there should be thorough review and consultation,” emphasizing “the government and ruling party should completely withdraw the Yellow Envelope Act.”‘,
,
, ‘Likewise, Kim Do-eup, the PPP’s Policy Committee Chairman, remarked, “The Yellow Envelope Act not only presents barriers but fundamentally hinders corporate activities,” and announced, “Once the budget bill for next year is finalized, we will activate a bipartisan civilian economic consultative body to prioritize the repeal of the Yellow Envelope Act.”‘,
,
, ‘Meanwhile, the PPP is also planning to initiate an urgent inquiry at the Political Affairs Committee to formulate measures for high exchange rates. Chairman Kim stated, “The exchange rate is nearing levels seen during the IMF financial crisis, and the persistent weakness of the won is putting comprehensive pressure on both businesses and the public by driving up import prices. The PPP, from the perspective of chairing the National Assembly’s Planning and Finance Committee, will push for an urgent inquiry to devise measures for high exchange rates,” he said.’,
,
, ‘The PPP has also criticized the plan to use the National Pension Fund to defend the exchange rate. Floor Leader Song criticized, “Yesterday, a four-party consultation involving the Ministry of Strategy and Finance, the Ministry of Health and Welfare, the Bank of Korea, and the National Pension Service discussed mobilizing the national pension for exchange rate stability,” commenting, “With the won-dollar exchange rate soaring to the 1470 range, it seems they’ve turned to the national pension, which is the public’s retirement asset.” Song added, “Mobilizing the national pension for exchange rate defense transfers the responsibility of forex market instability, resulting from the current government’s mistakes, onto the public’s retirement. I strongly urge that the future and retirement livelihoods of the public should not be compromised for the interests of the regime.”‘,
,
,