Han Kyung Ilbo: South Korean President Proposes a 4.5-Day Workweek, Businesses Remain Silent Amid Concerns Over Investment Risks
Han Kyung Ilbo reported on July 6: South Korean President Yoon Suk-yeol emphasized at a press conference that "the ultimate goal should be a 4.5-day workweek," advocating for the need to shorten working hours and gradually promote it through social dialogue, but did not specify an implementation timeline; the business community has shown high vigilance, worrying about his pro-labor tendencies, despite him not mentioning controversial issues such as the Commercial Law amendment bill or the "Hwangseongbok" (Yellow Envelope) law. The Yoon government's cabinet appointments show a pro-business orientation, with the appointment of several individuals from the corporate sector to ministerial positions, including Pyeong Kyung-hoon, president of LG AI Research Institute, as Minister of Science and Technology, Han Sung-soo, former CEO of NAVER, as Minister of Small and Medium Enterprises, and Kim Jung-won, president of Doosan Energy, as Minister of Industry. However, the business community is concerned about labor policy risks, especially since the candidate for Minister of Employment and Labor, Kim Yong-sun, was once a union leader. According to a survey by the Korea Economic Federation, 78.4% of top 500 companies plan to maintain their investment levels in the second half of the year, with main risk factors including the slowdown of the Chinese and U.S. economies (26.4%), instability in global supply chains (23.6%), and rising prices of energy and raw materials (15%). A representative of an economic group commented, "The business community is worried that labor-management reconciliation issues may worsen the investment environment," while in the first month of Yoon's tenure, only a few companies such as LG Display and SK Group have announced domestic investment plans, and the new government has not requested investment data.
Original article: https://www.toutiao.com/article/1836854378082315/
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