[Reporter’s Notebook] Business Community Talks of 'Slim Hope' to Opposition Party with Overwhelming Majority

"Careful Reconsideration of Excessive Campaign Promises"

"I do not believe the opposition party will implement excessive policies such as the re-promotion of the Yellow Envelope Act (amendment to the Labor Union Act) and the introduction of a four-day workweek exactly as stated in their pledge book. Rather, now that they have become the overwhelming majority party, I expect them to also pay attention to strengthening the competitiveness of the nation and businesses."

Ryu Ki-jung, Executive Director of the Korea Employers Federation (KEF), who has been negotiating minimum wage with labor representatives for six years since being appointed as a user member of the Minimum Wage Commission in 2019, forecasted the impact of this general election result on the business community in this way. It was refreshing that a senior official of an employer organization highlighted positive aspects rather than concerns about the election outcome. It seemed to reflect a greater hope that the majority party would take responsibility.

With the 22nd general election ending in another overwhelming victory for the opposition party following the 21st, the biggest concern for companies is political risk. In particular, the opposition coalition, including the Party for National Innovation, secured more than 180 seats in this election. This greatly increases the possibility of polarization.

It is not unreasonable to worry about risks. The Democratic Party’s pledge book includes the introduction of 'worker representative meetings' in companies with 10 or more employees, replacing employment rules through 'workplace agreements' between worker representatives and management, and the promotion of a four-day workweek. These are all systems that companies are concerned about.

However, it is not possible to simply take a confrontational stance against the opposition party. Since they are the majority force leading the political situation, continuous communication is necessary for companies to survive. The hopeful remarks from the KEF official can also be seen as a gesture seeking cooperation from the political sphere.

He also said, "Since excessive pledges have a significant impact on the economy and businesses, I expect the majority party to carefully reconsider (their pledges)."

Son Kyung-sik, Chairman of KEF, also recently stated that after the general election, he plans to meet first with the policy chiefs of both ruling and opposition parties. This reflects the belief that efforts to communicate and convey difficulties are necessary.

The election results reflect public sentiment. However, I hope they will not ignore economic realities and push an excessive 'policy drive.' I look forward to the 22nd National Assembly becoming an 'open parliament' that listens to the voices of business leaders, as the business community has expressed hope.

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