Participation in Financial Disclosure by Two Major Trade Unions... Total Assets: Korean Confederation of Trade Unions 52.3 Billion KRW, Federation of Korean Trade Unions 8.8 Billion KRW

Last Year’s Income: Korean Confederation of Trade Unions 39.2 Billion KRW, Federation of Korean Trade Unions 24.6 Billion KRW
Membership Size: Korean Confederation of Trade Unions 1.32 Million, Federation of Korean Trade Unions 1.12 Million

Both major labor unions participated in the union accounting disclosure required by the government in connection with tax credit benefits to strengthen the transparency of labor union accounts. Although the two major labor unions initially opposed the government's policy to mandate union accounting disclosure, they announced their participation in the disclosure out of concern for the economic disadvantages to their members.

[Image source= Screenshot from the Ministry of Employment and Labor Labor Union Accounting Disclosure System website]

According to the labor union accounting disclosure system of the Ministry of Employment and Labor on the 30th, the Federation of Korean Trade Unions (FKTU) disclosed that it has 1,320,882 members and total assets of approximately 52.3 billion KRW. Last year's total income was 39.25718 billion KRW. Of this, 22.9 billion KRW was carried over from the previous year, with union dues amounting to 5.99 billion KRW, income from business activities at 5.62 billion KRW, and subsidy income at 39.8 million KRW. On the other hand, subsidy income was zero because the FKTU was excluded from government subsidy support projects for failing to submit accounting data to the Ministry of Employment and Labor in May.

Among last year's expenditures, personnel expenses accounted for 4.29 billion KRW, and other operating expenses were 3.03 billion KRW. Organizational project expenses were 450 million KRW, education and publicity project expenses were about 430 million KRW, and 24 billion KRW was carried over to the next fiscal year.

In the case of the Korean Confederation of Trade Unions (KCTU), it disclosed 1,120,199 members and total assets of approximately 8.7752 billion KRW. Last year's total income, including 4.6 billion KRW carried over from the previous year, was 24.633 billion KRW. The KCTU recorded income through levies imposed on subordinate organizations (18.09 billion KRW) instead of union dues. Subsidies and income from business activities were not separately listed. Of the income, 9.06 billion KRW was spent on personnel expenses, and 4.63 billion KRW was used as grants to subordinate organizations. 4.38 billion KRW was carried over to next year's accounts.

The government introduced the accounting disclosure system to increase the transparency of union accounts. Disclosure itself is voluntary, but unions that do not disclose cannot receive a 15% tax credit benefit on union dues. To receive the tax credit for union dues paid from October to December of this year in next year's year-end tax settlement, the accounting results for last year must be disclosed by the deadline.

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