{"id":2206466,"date":"2024-09-13T08:00:56","date_gmt":"2024-09-12T23:00:56","guid":{"rendered":"https:\/\/koreapro.org\/?p=2206466"},"modified":"2024-09-12T15:58:04","modified_gmt":"2024-09-12T06:58:04","slug":"yoon-administration-backs-flexible-labor-to-boost-economic-growth","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/09\/yoon-administration-backs-flexible-labor-to-boost-economic-growth\/","title":{"rendered":"Yoon administration backs \u2018flexible\u2019 labor to boost economic growth"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Presidential chief of staff for policy Sung Tae-yoon emphasized the Yoon administration\u2019s labor reforms, highlighting efforts to make the labor market more flexible, during a keynote address on Wednesday. He told reporters that the government is working to adapt employment systems, including wage structures and retirement policies, to better align with productivity and demographic realities. Sung dismissed President Yoon Suk-yeol\u2019s earlier proposals for a <\/span><a href=\"https:\/\/koreapro.org\/2023\/03\/yoon-orders-government-to-review-proposal-for-longer-workweek\/\"><span style=\"font-weight: 400;\">69-hour workweek<\/span><\/a><span style=\"font-weight: 400;\">, stressing the importance of creating diverse and adaptable work arrangements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sung also connected these labor reforms to the Yoon administration\u2019s broader <\/span><a href=\"https:\/\/koreapro.org\/2024\/08\/south-koreas-pension-overhaul-faces-generational-and-political-hurdles\/\"><span style=\"font-weight: 400;\">4+1 agenda<\/span><\/a><span style=\"font-weight: 400;\">, which focuses on structural reforms in four key areas \u2014 labor, education, pensions and healthcare \u2014 plus additional measures to address South Korea\u2019s low birth rate. He noted that the government aims to reduce barriers to marriage and childbirth by easing work-family balance, as part of efforts to address the country\u2019s low birth rate and long-term economic sustainability.<\/span><\/p>\n<p><b>WHY IT MATTERS<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Sung\u2019s remarks on labor reforms signal significant changes in the Yoon administration\u2019s labor policy. By prioritizing labor market flexibility and moving away from the president\u2019s earlier 69-hour workweek proposal, the government appears to be leaning toward allowing companies to set less structured work hours and compensation systems. This shift could give businesses more room to adjust labor costs while responding to industry demands.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, Sung\u2019s focus on retirement and wage reforms suggests potential changes in how companies manage senior employees and retain younger talent. As South Korea addresses its demographic challenges, businesses may face new requirements for work-life balance.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, labor-intensive businesses and labor unions could push back on the proposals. Unions may resist reforms perceived as undermining worker protections or incomes, and businesses could face disruptions or negotiations as labor groups demand to renegotiate compensation packages.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/culture-society\/\"><span class=\"tag\">Culture &amp; Society<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/domestic-politics\/\"><span class=\"tag\">Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>Presidential chief of staff for policy Sung Tae-yoon emphasized the Yoon administration\u2019s labor reforms, highlighting efforts to make the labor market more flexible, during a keynote address on Wednesday. He told reporters that the government is working to adapt employment systems, including wage structures and retirement policies, to better align with productivity and demographic realities. [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2206467,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,25,27],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yoon administration backs \u2018flexible\u2019 labor to boost economic growth - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/09\/yoon-administration-backs-flexible-labor-to-boost-economic-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yoon administration backs \u2018flexible\u2019 labor to boost economic growth - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"Presidential chief of staff for policy Sung Tae-yoon emphasized the Yoon administration\u2019s labor reforms, highlighting efforts to make the labor market more flexible, during a keynote address on Wednesday. He told reporters that the government is working to adapt employment systems, including wage structures and retirement policies, to better align with productivity and demographic realities. 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