Son Kyung-sik "Let's Overcome Political and Economic Crises with the Power of the Republic of Korea"

President of the Korea Employers Federation, New Year's Address 2025

Son Kyung-sik, Chairman of the Korea Employers Federation (photo), emphasized that our society should wisely overcome the political and economic crises it faces with the resilience of the Republic of Korea. He urged that social integration is paramount to overcoming the crisis and that everyone must faithfully fulfill their respective roles.

On the 29th, Chairman Son stated in his 2025 New Year's address, "We are currently facing a massive wave of crisis compounded by political turmoil and economic difficulties." He continued, "To overcome this crisis, all economic actors must unite their efforts and faithfully perform their respective roles."

Sohn Kyung-shik, Chairman of the Korea Employers Federation. Provided by Korea Employers Federation

First, he argued that companies must do their utmost for economic recovery, and the labor sector, as responsible economic actors, should refrain from strikes that fuel social unrest and work together to overcome the crisis.

Chairman Son mentioned that creating an environment where companies can actively invest is crucial for overcoming the economic crisis and achieving a leap forward. He then presented four improvement measures.

First, he pointed out the urgent need to expand flexibility in working hours and reform the wage system to invigorate the labor market. He emphasized, "With a seniority-based wage system, it is difficult to attract talented individuals and promote workers' creativity and productivity. For this, the wage system must be fairly restructured based on job roles and performance."

He also mentioned the urgent need to amend labor-related laws and systems to advance labor-management relations. Chairman Son said, "The lack of countermeasures available to companies compared to the rights granted to labor unions is identified as a major cause of instability in labor-management relations. To enhance international competitiveness and minimize disruptions at industrial sites, institutional reforms such as allowing substitute labor and prohibiting workplace occupation are necessary."

Lastly, he called for active policy support to revitalize investment and enhance management stability. He stated, "To improve national competitiveness, tax environments such as inheritance tax must be aligned with global standards. This year, I hope bold tax reforms and active corporate support measures will be prepared so that our companies can shed tax burdens, invest more freely, and create many jobs."

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