AMCHAM kicks off executive roundtable with Korea’s Labor Ministry

By Ha Neul-bit, The Korea Herald - The American Chamber of Commerce in Korea said Friday that it hosted the inaugural session of its executive roundtable series at the Conrad Seoul Hotel in Yeouido.

The roundtable brought together Vice Minister of Employment and Labor Kwon Chang-jun and senior executives from major South Korean and multinational companies to exchange views on the new administration’s labor policies and path to economic growth.

Kwon presented the government’s labor policy direction under the vision of “real growth with labor,” highlighting three key priorities: Protecting the rights of all workers, building fair workplaces by narrowing gaps, and boost vitality in the labor market.

He cited recently announced initiatives, including measures to eradicate overdue wages, the Youth Job First-Step Guarantee program, and the Comprehensive Occupational Safety Plan.

He also discussed upcoming agenda, such as reducing serious workplace accidents, supporting the potential adoption of a 4.5-day workweek, and pursuing mutually beneficial approaches to extending the retirement age.

AMCHAM Chairman and CEO James Kim emphasized the importance of labor flexibility in strengthening South Korea’s role as a regional hub.

“With fewer than 100 regional headquarters compared to 5,000 in Singapore and 1,400 in Hong Kong, South Korea has a opportunity over the next five years to close this gap. We stand ready to work closely with the government to shape meaningful labor reforms that will enhance South Korea’s competitiveness,” he said.

He added that AMCHAM was conducting a survey of its member companies to reflect industry voices on key labor issues, following the recent passage of the “Yellow Envelope” bill, and will share policy recommendations with the government.

Business leaders at the roundtable raised a number of concerns, including frequent changes in labor laws and regulations, weakened management rights under the Yellow Envelope bill, limited recourse to address prolonged illegal industrial action, restrictions on deploying substitute workers during strikes, and supply chain disruptions caused by illegal stoppages in the logistics sector. They also called for a revision to the Serious Accidents Punishment Act to focus more on prevention.

Participants also underlined the importance of strengthening labor dispute mediation and arbitration mechanisms, calling for institutional improvements to ensure that both South Korean and foreign companies can operate in a stable and predictable environment.

Kwon stressed the importance of close cooperation between South Korean and US companies, as well as between labor and management, urging foreign companies to demonstrate responsible leadership. He added that the government would continue to pursue policies that support “real growth” for both companies and workers.

It was the second high-level dialogue between AMCHAM and the Ministry of Employment and Labor this year, following a roundtable with Minister Kim Young-hoon on Sunday.

AMCHAM said it would continue to use the executive roundtable series as a platform for in-depth discussion on labor and regulatory issues, and to strengthen public-private cooperation in support of South Korea’s economic growth.

Source: https://www.koreaherald.com/article/10579435?ref=naver