Son Kyung-sik, Chairman of the Korea Employers Federation, "Companies Will Promote Expansion of Youth Hiring"

On the 4th, former Democratic Party of Korea leader Lee Nak-yeon (left) and Korea Employers Federation Chairman Son Kyung-sik (right) held a meeting at the Korea Employers Federation building in Mapo-gu, Seoul. (Photo by Korea Employers Federation)

[Asia Economy Reporter Changhwan Lee] Sohn Kyung-shik, chairman of the Korea Employers Federation, announced that he will actively promote the expansion of youth hiring by Korean companies.

Chairman Sohn made this remark on the 4th during a meeting with former Democratic Party leader Lee Nak-yeon at the Federation of Korean Industries building in Mapo-gu, Seoul.

On the same day, former leader Lee visited the Korea Employers Federation and the Korea Federation of SMEs, urging companies to expand youth employment opportunities.

Former leader Lee said, "As companies have recently started shifting their hiring methods from open recruitment to rolling recruitment, youth hiring opportunities have decreased. I hope companies will increase open recruitment again to expand hiring," he requested to Chairman Sohn.

In response, Chairman Sohn said, "To give hope to young people struggling to find jobs, we will promote expanding companies' open recruitment."

Chairman Sohn also expressed the opinion that expanding performance-based pay is necessary. He said, "Recently, demands for expanding performance-based pay have increased, especially among the younger generation, and a wage system centered on performance pay is needed." He added that resolving labor market rigidity is also necessary to expand youth employment.

Businesspeople attending the meeting reportedly demanded the government to increase workforce output.

Former leader Lee said, "Lee In-yong, president of Samsung Electronics, mentioned that in 2008, the admission quota for the Computer Engineering Department at Seoul National University was 55 students and remains 55 today, whereas Stanford University increased from 141 to 745 during the same period," adding, "He made a point about the need to fix the rigidity in education that does not produce enough workforce."

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