According to the advisor to the president of South Korea, Yoon Suk Yeol, the country’s labour ministry plans to introduce laws that will protect the vulnerable members (typically the members of the workforce that do not belong to any labour union) of its workforce. This policy will also include gig workers and employees of small and medium enterprises who tend to earn low wages.
Sung Tae-yoon, director of national policy, outlined the basic purposes of the legislation in a briefing for foreign media organisations. He stated, “outdated practices and rigid uniform systems hinder dynamism and make it hard to protect workers adequately.” Sung further mentioned, “We aim to create a virtuous cycle that expands workplaces and provides workers with fair compensation for the work performed.”
What Is the Current Situation Of the Labour Force In South Korea?
The labour force in South Korea has to compete fiercely with each other to get life-long positions at major conglomerates such as Samsung and Hyundai. Moreover, the strict regulations against firing these employees make it difficult for companies to shed or reallocate workers.
Also read, South Korean Jobs Data Puts Asia-Pacific Market On Risk
Moreover, according to data from the Ministry of Trade, South Korean exports were up by 11.4% year over year to $57.9 billion for the month of August. Also, semiconductor outbound shipments came to $11.9 billion, which is 38.8% higher than last year. Despite these staggering figures, the South Korean workforce is suffering.
According to Lee Byoung-hoon, a professor at Chung-Ang University, “In our country, there are many precarious workers whose wages aren’t guaranteed, and the administration is right to focus on them as an area of policy concern.“
