KCCI Presidential Policy Proposal: "Respect for Free Economy and Entrepreneurial Spirit Must Be Ensured"

KCCI Publishes Policy Proposal for the 20th Presidential Election
Suggestions for Building a Society Where Free Economic Activities and Entrepreneurship Are Respected

[Asia Economy Reporter Changhwan Lee] The Korea Employers Federation (KEF) announced on the 17th that it has published a policy proposal booklet titled 'The Business Community’s Recommendations to the 20th Presidential Candidates' ahead of the 20th presidential election in 2022.

KEF Chairman Kyung-sik Son emphasized, "In the proposal booklet, we made efforts to capture the vivid concerns and stories from the economic and livelihood frontlines of the Republic of Korea," adding, "In particular, this proposal focuses on selecting content that can increase public interest and participation in the new government’s economic policy formulation and delivering it in a realistic manner."

Chairman Son strongly appealed to the 20th presidential candidates to create "a Republic of Korea where free economic activities and entrepreneurial spirit are respected."

He stated, "Many countries are putting their lives on the line to foster future industries and develop new technologies to strengthen national competitiveness and not miss the golden time to seize the market after the pandemic. Likewise, we must pool our capabilities to enhance national competitiveness."

He added, "Above all, it is urgently necessary to formulate policies that enable companies to continuously innovate and challenge themselves without being discouraged by failure, moving toward a Republic of Korea where free economic activities and entrepreneurial spirit are respected."

Key Contents Including Regulatory Reform, Improvement of Commercial Act, and Advancement of Labor-Management Relations

KEF’s presidential election proposals cover various fields such as regulatory reform (resolution), legislative improvements including the Commercial Act and Tax Law, advancement of labor-management relations, strengthening social safety nets like the four major insurances, education policies reflecting industrial demands, and setting the right policy direction for preventing major accidents and industrial disasters.

The section titled ‘Enhancing Corporate Vitality is the Shortcut to Reviving the Economy,’ which deals with overall economic issues, suggests shifting the corporate regulation paradigm, introducing a regulatory review process for parliamentary legislation, improving management-related laws such as the Commercial Act and the Fair Trade Act, and the need to reform tax systems including corporate tax and inheritance tax.

The section focused on job creation, ‘Job Creation, the Key to Korea’s Leap Forward,’ proposed various incentives for companies creating jobs, expansion of flexible working hours to increase women’s participation in economic activities, as well as building a flexible and stable labor market, and improving the minimum wage system and the high-cost, low-productivity structure.

The section addressing labor-management relations, ‘Labor-Management Relations, the Economic Time Bomb of Korea, It’s Time to Modernize,’ explained the need to improve labor-management systems that are outdated or not aligned with global standards, while recommending various systems to move toward rational and cooperative labor-management relations.

The section on social insurance issues, ‘Building a Society Together with Future Generations,’ proposed refraining from indiscriminate quantitative expansion in welfare policies, establishing a sustainable social safety net to prepare for the demographic earthquake impact, improving educational practices that do not meet industrial demands, and stable management of national finances.

Finally, the section on industrial safety and environment, ‘Establishing Safe Industrial Sites and a Sustainable Environment,’ requested a policy paradigm shift to prevention-centered approaches to reduce major accidents, improvement of social awareness for industrial accident prevention, and preparation of low-carbon policies suitable for industrial sites.

KEF Vice Chairman Dong-geun Lee said, “The next government should boldly improve the difficulties hindering corporate innovation and job creation, and include various policies that can enhance national competitiveness and economic dynamism in its pledges to lead the leap of the new Republic of Korea.”

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