SME Leaders Urge Next Government to "Flexibilize the 52-Hour Workweek... Guarantee Freedom to Earn Money"

Korea Federation of SMEs New Year Press Conference on the 9th
40.5% Say "Labor Regulation Flexibility" Needed
Calls for Loan Maturity Extension and Serious Accident Punishment Act Supplementation

Prime Minister Kim Boo-kyum, Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Business, and presidential candidates from both ruling and opposition parties attended the "2022 New Year's Meeting of Small and Medium Business Owners" held at the Korea Federation of Small and Medium Business in Yeouido, Seoul, on January 5, applauding to wish for the development of small and medium business owners. From the right: Prime Minister Kim, Chairman Kim, Yoon Seok-youl, presidential candidate of the People Power Party, Ahn Cheol-soo, presidential candidate of the People Party, Shim Sang-jung, presidential candidate of the Justice Party, and Kim Dong-yeon, presidential candidate of the New Wave Party. Photo by Kim Hyun-min kimhyun81@

Small and medium-sized enterprises (SMEs) identified the flexibilization of labor policies such as the 52-hour workweek and minimum wage as the top priority for the next government.

The Korea Federation of SMEs held a New Year's press briefing on the morning of the 9th at the Federation's headquarters in Yeouido, Seoul, announcing the SME policy tasks they hope the next government will pursue.

According to a survey conducted last month targeting 600 SMEs, "imbalance in employment and labor policies (33.7%)" was selected as the most urgent issue facing the economy.

Regarding SME policies that the next government should focus on, the most common response was "flexibilization of labor regulations such as minimum wage and working hours (40.5%)." This was followed by "creating a fair trade environment (19.0%)," "activating collaboration among SMEs (16.0%)," and "establishing an innovative startup ecosystem (7.7%)."

Kim Ki-moon, Chairman of the Korea Federation of SMEs, stated, "There can be no labor without employment," adding, "With excessive labor regulations, it is difficult not only to increase employment but even to maintain it." He emphasized, "If labor and management agree, working hours should be flexible enough to be used on a monthly or yearly basis, guaranteeing the right to work and the freedom to earn money."

Kim Ki-moon, President of the Korea Federation of SMEs / Photo by Hyunmin Kim kimhyun81@

Regarding satisfaction with the current government's SME policies, "dissatisfaction" stood at 28.3%, surpassing "satisfaction" at 16.5%. The policy that the current government handled well was "support for business stability related to COVID-19 (34.5%)," while the policy needing improvement was "uniform implementation of the 52-hour workweek system (45.3%)."

The SME sector appealed for an additional extension of loan maturities for SMEs and small business owners, which are scheduled to end at the end of March. Chairman Kim proposed, "Considering the financial sector's burden, interest repayment should be left to discretion, and the principal of loans should be extended further." The need to supplement the Serious Accident Punishment Act for stable SME management was also raised. Kim requested, "Presidential candidates should clearly define the obligations of business owners and include supplementary measures to ease the level of punishment in their pledges."

On this day, the Korea Federation of SMEs presented five major SME agendas and over 50 detailed implementation tasks that the next government must realize. The five agendas are △ Innovation Transformation △ Growth Promotion △ Infrastructure Establishment △ Safety Net Expansion △ Regional Economy Revitalization. Chairman Kim said, "This year marks the 60th anniversary of the Federation's founding and is a very important year for SMEs and Korea, with the presidential and local elections taking place. Despite many difficulties, I hope 2022 will be a year where the SME DNA that has turned crises into opportunities is demonstrated."

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