Ruling Party: "Reflected in Pledge to Ease Business Succession System" Opposition: "Reconsideration of 52-Hour Workweek"

Song Young-gil and Lee Jun-seok, Leaders, Speakers at 'Leaders Forum'
Each Party Presents SME Policy and Pledge Directions

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] The leaders of the ruling and opposition parties attended a small and medium-sized enterprises (SMEs) event to explain their respective SME policies. The ruling party expressed intentions to improve the business succession system, while the opposition party emphasized easing the 52-hour workweek and implementing differentiated minimum wage payments.

Song Young-gil, leader of the Democratic Party of Korea, and Lee Jun-seok, leader of the People Power Party, appeared as special lecturers at the 'SME Leaders Forum' held on the 16th at the Gyeongju Hilton Hotel, explaining their parties' SME policy directions under the theme 'Future Vision of Korea and SME Policy Directions.'

After mentioning SME-related policies, Leader Song said, "I was the mayor of Incheon but lost in the re-election; unknowingly, I became arrogant and did not listen well to others, which I have reflected upon," adding, "Anyone who gains power tends to become like that."

He continued, "Raising the minimum wage by 16.4% under the income-led growth policy was obviously problematic, but the failure to filter it was a clear mistake, and we must deeply reflect on the real estate issues as well," emphasizing, "To properly address these issues, the president must meet with party leaders who are in a position to convey public sentiment without reservation."

Regarding the easing of the business succession system demanded by the Korea Federation of SMEs and others, he explained, "We are also reviewing it and plan to incorporate it into the presidential election pledges as a positive measure to pass down know-how and technology for expansion."

[Image source=Yonhap News]

Leader Lee said, "The Moon Jae-in administration pushed the 52-hour workweek, causing many companies difficulties, and it has yet to be verified whether additional employment has significantly increased," adding, "Democratic Party candidate Lee Jae-myung proposed a four-day workweek; reducing from five to four days cuts time by 20%, but increasing worker productivity by 20% is not easy."

Targeting candidate Lee, he said, "Small business owners are suffering because politicians casually make offhand remarks," and stated, "Our party will review the 52-hour workweek to reduce the burden on business owners and pledge to allow differentiated minimum wages by industry and region."

Minister Kwon Chil-seung of the Ministry of SMEs and Startups explained the government's SME policies in a keynote speech titled 'Making SMEs, Ventures, and Small Businesses the Main Actors of Recovery and Leap Forward,' promising to foster SME cooperatives as social assets that strengthen connections among SMEs.

Meanwhile, about 250 SME owners attended this forum, which runs until the 19th under the theme 'SMEs in the V-nomics Era,' seeking solutions for survival and growth of SMEs in the COVID-19 era and exploring new roles and visions for the new era.

On the 17th, a policy discussion titled 'Presenting Solutions for SMEs in the With-Corona Era' will be held, and on the 18th, Chinese Ambassador to Korea Xing Haiming will give a lecture on 'Current Status and Prospects of Korea-China Economic and Trade Cooperation.'

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