Ministry of Labor Operates Voluntary Audit Period for Union Accounting

[Asia Economy Reporter Lee Jung-yoon] A one-month voluntary audit period for accounting transparency will be conducted targeting private and public labor unions.

The Ministry of Employment and Labor announced on the 29th that it sent voluntary audit guidance documents to 253 labor unions under the Labor Union Act and 81 public servant and teacher unions to strengthen the accounting transparency of labor unions.

[Image source=Yonhap News]

According to relevant laws, budgets, settlement statements, internal accounting audit-related documents, and other financial books and records must be kept at the union office, and a period is set to allow union members to check the financial operation status.

After the voluntary audit period ends, a checklist confirming whether document management and preservation obligations have been fulfilled must be submitted upon request by the Ministry headquarters and local offices.

The Ministry of Employment and Labor plans to take measures such as imposing fines of up to 5 million won on unions that fail to fulfill their obligations in accordance with the Labor Union Act.

Additionally, a reporting center to receive complaints from union members who identify issues after reviewing the documents will be operated starting February next year.

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