Lee Nak-yeon "Need to Supplement Flexible and Selective Work Systems for Legislation Within the Year"

Lee Nak-yeon, leader of the Democratic Party of Korea, and Kim Ki-moon, chairman of the Korea Federation of Small and Medium Business, are attending a meeting with small and medium business owners held at the Korea Federation of Small and Medium Business in Yeouido, Seoul, on the 14th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kang Nahum] On the 14th, Lee Nak-yeon, leader of the Democratic Party, said, "The issues of the flexible working hours system and the selective working hours system have not yet been legislated and are temporarily managed through administrative measures," adding, "It is necessary to legislate them within this year."

At a meeting with small and medium-sized enterprise (SME) representatives held at the Korea Federation of SMEs on the same day, Lee addressed industry concerns that "the grace period for the 52-hour workweek system, which was granted to workplaces with fewer than 300 employees, will end at the end of December," stating, "We will strive to ensure that the burden on SMEs does not increase."

Regarding criticisms that commercial banks are extending loan maturities only for short terms or raising interest rates, he said, "You mentioned that banks are using loopholes in implementing government support measures; I will look into this," adding, "Banks are no exception when it comes to participating in overcoming the national crisis."

On the Serious Accidents Punishment Act, he said, "While I agree with the purpose of the law, considering the characteristics of SMEs, punishing business owners could lead to corporate crises or even bankruptcy," and requested, "Please take this into account when establishing punishment regulations to avoid stifling business activities." He also added, "We will listen to opinions from the industrial field during the legislative process."

This content was produced with the assistance of AI translation services.