Enterprises want Yoon administration to put labor regulation on high priority

Businesses want the new administration to put ‘labor regulation’ on high priority among many other reform tasks, according to a survey. Economic organizations also emphasized the need for regulatory reform, such as labor regulation ahead of the inauguration of President-elect Yoon Suk-yeol. The Federation of Korean Industries (FKI) said on Monday that in a survey of 250 large and 250 small and medium-sized enterprises, asking which reform task should be the top priority for the next administration, 25.2 percent of the respondents chose ‘labor regulation’ followed by ‘environment and energy (15.9%),’ ‘large enterprises (14.1%),’ and ‘construction and architecture (13.5%).’

Regarding the direction of the new government’s regulatory reform policy, 28.5 percent of the respondents chose temporary suspension of regulations to stimulate the economy followed by improvement of outdated regulations that are inconsistent with global standards (22.9%) and revision of related regulations to foster new industries (20.4%). Economic organizations on Monday made comments on the need for regulatory reforms, including labor regulations.

The Korea Chamber of Commerce and Industry (KCCI) said it hopes the new government will overcome short-term crisis factors, such as price, exchange rate and supply chain disruption, and, at the same time, achieve national and social development as well as an economic leap in the mid-to long-term, adding it expects the new government to take an active role in addressing various reform tasks in the fields of regulation, labor, public service, and education. In addition, the KCCI went on to say that hopes the public and private sectors will work together to address the problems from an integrated point of view.


Hoon-Sang Park tigermask@donga.com