Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, "Serious Accident Punishment Act Should Strengthen Economic Penalties Over Criminal Punishment"

KCCI, '2021 Year-End Interview'
"MZ Generation Labor-Management Relations Must Change from the Past"
Next Year Focuses on 'Resolving Anti-Business Sentiment' and 'Supply Chain Restructuring'

[Asia Economy Reporter Hwang Yoon-joo] Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI), stated regarding the Serious Accident Punishment Act, which will be enforced from the end of January next year, that "it is more reasonable to strengthen economic penalties rather than approach it criminally."

Chairman Chey recently held a "2021 Year-end Interview" at the KCCI and said, "It is essential to determine whether there are more positive functions or any negative side effects."

He added, "No one opposes the purpose of the Serious Accident Punishment Act," and said, "It is better to address economic issues economically rather than approaching businesspeople in a criminal manner."

He continued, "Contrary to the lawmakers' perspective, it is natural for companies to be fearful if there is a chance they might be punished," and said, "Facing the possibility of going to prison regardless of my intentions when trying to run a business is an entirely different issue."

Chairman Chey also mentioned that labor-management relations with the MZ generation (Millennials + Generation Z) should be approached differently than in the past. He said, "From an economic perspective, the MZ generation is the generation that has experienced South Korea's per capita income surpassing $30,000," and evaluated, "They may not have as strong a desire to work hard to earn money as in the past." This means that since this generation values enjoying life more than working hard to earn money, we need to consider the MZ generation from this economic viewpoint.

He stated, "We should not solve labor-management issues and conflicts on the path to becoming a developed country with a per capita income of $30,000 to $40,000," and added, "Corporate systems and social systems must also change in the direction they desire." He continued, "The problem lies in the old notion of regular employment. Regular employment means higher pay but also comes with many demands. What the MZ generation wants is a strong desire to enjoy themselves when they want to, and they may question whether working 9 to 6 or five days a week is necessary."

He further said, "In the past, labor-management relations were resolved through collectivization and regular employment, but now such labor-management relations no longer work," and "the relationship has changed to a one-on-one contract between the company and the individual. I provide what the company needs, and the company compensates me. What I need is no longer job stability or money but varies according to needs such as time, freedom, and achievement."

Chairman Chey stated that next year, he will focus more on resolving anti-business sentiment and supply chain restructuring, which are currently underway in the KCCI's work.

He said, "Only when communication costs decrease can the KCCI represent the whole, and it is problematic to listen only to the stories of KCCI member companies," adding, "We need to listen to the labor sector, environmental groups, and government policy makers to set our direction and indicators."

He continued, "Until now, the costs of communication and collaboration have been high, and the KCCI should play a role in reducing these costs. Through communication, anti-business sentiment must be somewhat alleviated so that companies can establish their roles and perform the types of work society desires."

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