Yoo Seung-min: "Labor Reform and Welfare Reform to be Promoted Together... Will Achieve Grand Bargain Among Labor, Management, and Government"

[Image source=Yonhap News]

[Asia Economy Reporter Naju-seok] Yoo Seung-min, a presidential candidate from the People Power Party, reaffirmed on the 1st his intention to pursue a ‘tripartite grand compromise’ considering both labor and welfare if elected president.

On the 1st, Yoo visited the Korean Confederation of Trade Unions (KCTU) and held talks with Chairman Kim Dong-myeong. Both sides discussed the ‘tripartite grand compromise’ mentioned in Yoo’s presidential candidacy declaration.

Yoo said, "I always believe that labor and welfare must go hand in hand for our society to move forward," adding, "The labor reform I envision must accompany social safety net and welfare reform to succeed; I have seen during my long political career that pursuing them separately cannot succeed."

He emphasized, "Every government and administration has tried to engage in dialogue and reform, but it ultimately fell apart," and added, "When our country faces severe economic difficulties, the political sphere must work to build a social safety net by having businesses and labor each make small concessions on their core issues. This is essential for the future of the nation."

Yoo stated, "If I become president, I am deeply committed to creating an agreement through dialogue, cooperation, and mutual acceptance for the future of the country," and said, "Our companies must also participate in such dialogue, discussing what they can do for workers. I believe that only then will a fruitful agreement emerge."

Chairman Kim remarked, "What stood out in Yoo’s presidential candidacy declaration was the mention of a country where one can rise again after losing in competition, a country guaranteeing opportunities, and the tripartite grand compromise models of Sweden, the Netherlands, and Denmark," adding, "Since the International Monetary Fund (IMF) crisis, Korean society has steadily continued social dialogue, sharing many experiences regardless of success or failure," and expressed agreement, saying, "I believe it is now time to achieve a higher-level social grand compromise and share its outcomes with the people."

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