Venture Industry: "52-Hour Workweek Hampers Innovation... Flexibility Urgently Needed"

Criticism Overlooking Project-Based Work Characteristics
"Hard to Focus and Achieve Results, Posing a Threat to Competitiveness"

The venture business community has called for greater flexibility in the current 52-hour workweek system, arguing that it fails to reflect the project-based work characteristics of startups and venture companies.

The Korea Venture Business Association announced on the 10th that it co-hosted the "Policy Discussion on Flexible Working Hours for Venture and Startup Innovation" at the National Assembly Members' Office Building, together with the Policy Committee of the People Power Party, the Environment and Labor Committee of the National Assembly, and the office of Assemblywoman Kim Sohee of the People Power Party.

Asia Economy Database

This discussion was organized out of concern that the current 52-hour workweek does not sufficiently reflect the project-based work characteristics of ventures and startups, resulting in difficulties in implementing the system in the field. Lawmakers, government officials, industry representatives, and workers gathered to share the current situation and discuss ways to improve the system.

Kim Doeup, Chairman of the Policy Committee of the People Power Party, stated, "If the uniformity of the current system restricts challenge and immersion in spaces where our young people gather to create innovation, it could threaten not only the future growth engine of our economy but also national competitiveness. The National Assembly and the government will do their utmost to develop practical and sustainable system improvements together."

Assemblywoman Kim Sohee explained, "Our ventures and startups are bound by the institutional framework of the 52-hour workweek, so even if they want to immerse themselves more and achieve better results, they are unable to do so. That is why I have sponsored an amendment to the Labor Standards Act to apply exceptions to the 52-hour workweek for research and development positions and certain high-income professionals, and to allow for more flexible management of total overtime hours."

During the presentations, Noh Minseon, Research Fellow at the Korea Institute of Startup & Entrepreneurship Development, and Lee Jeongmin, Secretary-General of the Korea Venture Business Association, also pointed out that the current working hours system does not properly reflect the characteristics of ventures and startups. At the event, policy proposals were made, including: expanding the unit period for overtime work, promoting flexible working arrangements, and introducing a "Korean-style white-collar exemption" for core professionals and research and development (R&D) personnel.

In subsequent on-site remarks, industry representatives stated, "Venture companies and startups need to focus intensively on a project basis for short periods to achieve results, but under the current system, restrictions on working hours make it difficult to manage necessary personnel. The burden of additional staff and labor costs is also increasing, leading to reduced productivity and delaying the pace of innovation and achievement in companies."

They added, "From the perspective of those working in the field, expanding flexible working systems that reflect work characteristics and making meaningful system improvements are urgent tasks that can no longer be postponed. If the system does not change, it will be difficult to maintain the speed of innovation and corporate competitiveness."

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