AmCham Holds Special Meeting with Minister of Employment and Labor Lee Jeong-sik

Introduction to the New Government's Employment and Labor Policy Roadmap and Labor Market Reform Directions

[Asia Economy Reporter Choi Seoyoon] The American Chamber of Commerce in Korea (AmCham) held a special roundtable on the 18th at the Four Seasons Hotel in Seoul, inviting Lee Jeong-sik, Minister of Employment and Labor, to discuss the new government's employment and labor policy roadmap.

According to AmCham, this roundtable was organized to help foreign-invested companies in Korea understand the key employment and labor policies of the new government, and to discuss the necessity and direction of labor reform by listening to the voices from the field, including difficulties faced by U.S. companies operating in Korea and policy suggestions.

James Kim, Chairman and CEO of AmCham, said in his welcoming remarks, "Considering the rapidly changing global economic situation and innovation, the need for companies to respond agilely to market conditions and nurture top talent is greater than ever," adding, "Interest from U.S. companies in investing in Korea across various industries is also higher than ever."

He continued, "Now is the right time to take measures to make Korea the regional business hub of Asia," emphasizing, "AmCham is ready to support the Korean government in creating the best business environment in Asia within the Republic of Korea."

With over 80 representatives from U.S. companies in Korea, including AmCham board members, Minister Lee Jeong-sik delivered a keynote speech presenting the modernization of labor standards, improvement of working hours system, and reform of wage structures as priority tasks, introducing the new government's direction for labor market reform.

In his keynote, Minister Lee stated, "The government launched the ‘Future Labor Market Research Committee’ last July to review labor market reform tasks, including the working hours system and wage structure reform," adding, "We are also reviewing improvement measures for various complex issues within the labor market, such as blind spots in labor laws, polarization between companies, and among workers."

He said, "The current government has maintained a firm stance based on laws and principles to improve unreasonable practices in the industrial field, and supports autonomous resolution of labor-management relations within the legal framework," adding, "We will actively support the expansion of private sector investment through sufficient communication with companies, resolving investment difficulties, and deregulation."

During the subsequent one-on-one discussion, Minister Lee Jeong-sik and AmCham Chairman and CEO James Kim exchanged views on major issues of Korean labor policy, including the Serious Accidents Punishment Act, the Minimum Wage Act, the 52-hour workweek system, labor-management relations, and labor flexibility.

Through the discussion, Minister Lee expressed, "We are always grateful for the active investment and job creation by U.S. companies in the Korean market," and stated, "We will grow together based on cooperation, such as sharing mutual management know-how."

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