Choo Kyung-ho Requests Withdrawal of Yellow Envelope Act from Plenary Session... Concerns Over Regression of Labor-Management Relations Framework

Emergency Economic Ministers' Meeting and Export Investment Measures Meeting
"Labor Union Act Amendment Bill May Violate Constitution and Civil Code"
Announcement of Support Measures for Operating Corporate Investment Projects

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said on the 8th, "Given the still severe domestic and international economic conditions, I cannot help but be concerned that the opposition party plans to unilaterally submit the amendment to the Labor Union Act, commonly known as the Yellow Envelope Act, to the National Assembly plenary session tomorrow (the 9th)."

Deputy Prime Minister Choo made this remark while presiding over the Emergency Economic Ministers' Meeting and Export Investment Measures Meeting at the Government Seoul Office in the morning, stating, "The amendment to the Labor Union Act not only has a high possibility of violating the Constitution and Civil Code but also could roll back the basic framework of our labor-management relations that we have painstakingly built over time."

He added, "Since it could cause enormous confusion in industrial sites and negatively impact our economy, I earnestly request the withdrawal of the submission and processing of the Labor Union Act amendment to the plenary session, which requires more in-depth discussion in the National Assembly."

Regarding the support measures for activating corporate investment projects, one of the agenda items at the meeting, Deputy Prime Minister Choo explained, "To promote corporate investment, we have strengthened policy support by reintroducing the temporary investment tax credit for the first time in 12 years this year and supporting 50 trillion won in facility investment funds. This time, we plan to actively promote measures to support the swift and normal operation of corporate investment projects planned by companies."

To this end, the government plans to fully support the prompt resumption of delayed or suspended investments and ensure that planned investments proceed without disruption according to the original schedule through customized support for a total of 18 urgent projects with significant investment ripple effects, amounting to a maximum investment scale of about 46 trillion won. Deputy Prime Minister Choo said, "First, we will remove regulations that hinder corporate investment and improve investment conditions for individual projects. We will actively provide administrative support and, if necessary, pursue legal improvements to swiftly secure large storage spaces for equipment required for the large-scale petrochemical plant construction in Ulsan."

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is responding to questions from lawmakers at the plenary session of the Planning and Finance Committee held at the National Assembly on the 7th. Photo by Hyunmin Kim kimhyun81@

Administrative procedures such as impact assessments and development plan changes, which must be completed for investment implementation, will be shortened as much as possible. He emphasized, "The large-scale foreign greenfield investment project to establish a state-of-the-art performance hall in Hanam, Gyeonggi Province, will have procedures such as feasibility reviews and urban development zone designation significantly shortened by more than 20 months so that construction can begin within 2025 according to the investor's demands."

Deputy Prime Minister Choo stated, "Since there have been many cases recently where projects have been delayed due to disputes between public clients and private contractors on-site, we will focus on supporting rapid dispute resolution. To this end, the ‘Public-Private Joint Construction Investment Project Adjustment Committee,’ which was reactivated after 10 years last September, will prepare adjustment plans for a total of 34 projects applied for so far, with 15 plans to be completed within this month and the remaining projects by January next year, together with fair and field-specific experts."

To reduce the communication cost burden on the public, consumers' choices of rate plans and devices will also be expanded. Deputy Prime Minister Choo explained, "The current minimum 5G rate plan, which is in the 40,000 won range, will be lowered to the 30,000 won range, and consumers will be able to selectively subscribe to 5G and LTE rate plans regardless of the type of device."

He added, "We will encourage the launch of additional affordable 5G rate plans and mid-to-low-priced devices that are 30-40% cheaper than existing telecom company rate plans. We will continuously induce new entrants by relaxing frequency allocation fees and conditions and strengthen support for the affordable phone industry by expanding discounts for bulk data pre-purchases."

Regarding this year's Korea Sale Festa, which will be held for 20 days from the 11th to the 30th, Deputy Prime Minister Choo said, "This event focuses on stabilizing living costs, coexistence with small and medium-sized enterprises and small business owners, regional cooperation, and expanding foreign participation," adding, "The government and local governments will actively support the event through measures such as discount coupons for agricultural, livestock, and fishery products and expanding the purchase limit of Onnuri gift certificates to 300,000 won."

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