AmCham, Labor Ministry to form joint task force for industry consultation
Held at AmCham's Seoul office, the meeting gathered senior executives from major US and global companies to discuss labor policy priorities and concerns over legislation that could tighten corporate liabilities in labor disputes.
Talks centered on aligning Korea's labor rules with global standards by boosting market flexibility, reducing regulatory uncertainty, strengthening workplace safety and ensuring predictable enforcement, according to the US business group.
One of topic dealt in the event was the 'Yellow Envelope' bill — an amendment to the Trade Union and Labor Relations Adjustment Act that would expand protections to all employment types and curb companies' ability to claim damages from unions over strike-related losses. The ruling party plans to put the bill to a plenary vote on Aug. 21, despite strong opposition from business groups.
AmCham Chair and CEO James Kim warned the measure could erode flexibility, noting Korea hosts fewer than 100 regional headquarters, compared with Singapore's 5,000.
'Two key reforms, labor flexibility and CEO risk, are essential to improving competitiveness,' he said, urging lawmakers to 'take sufficient time to reflect industry input' ahead of Korea hosting the Asia-Pacific Economic Cooperation in the fall.
The labor minister said he understood corporate concerns over the planned changes to Articles 2 and 3 of the Labor Union Act and vowed continued engagement before the law takes effect.
"To help address these concerns and prevent misunderstandings, we will establish a dedicated task force with AmCham and other industry representatives to ensure continuous dialogue and incorporate industry input into policy discussions," he said.
Over the next six months, the government will work with labor and management to reduce uncertainties, the minister said, adding it will issue detailed guidelines to help contractors and subcontractors strengthen partnerships, settle disputes and achieve 'sustainable growth through cooperation and mutual benefit.'
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Labor Minister Kim Young-hoon pledged to set up a joint task force with the American Chamber of Commerce in Korea to maintain dialogue and reflect industry views in policymaking, during a closed-door roundtable Thursday. Held at AmCham's Seoul office, the meeting gathered senior executives from major US and global companies to discuss labor policy priorities and concerns over legislation that could tighten corporate liabilities in labor disputes. Talks centered on aligning Korea's labor rules with global standards by boosting market flexibility, reducing regulatory uncertainty, strengthening workplace safety and ensuring predictable enforcement, according to the US business group. One of topic dealt in the event was the 'Yellow Envelope' bill — an amendment to the Trade Union and Labor Relations Adjustment Act that would expand protections to all employment types and curb companies' ability to claim damages from unions over strike-related losses. The ruling party plans to put the bill to a plenary vote on Aug. 21, despite strong opposition from business groups. AmCham Chair and CEO James Kim warned the measure could erode flexibility, noting Korea hosts fewer than 100 regional headquarters, compared with Singapore's 5,000. 'Two key reforms, labor flexibility and CEO risk, are essential to improving competitiveness,' he said, urging lawmakers to 'take sufficient time to reflect industry input' ahead of Korea hosting the Asia-Pacific Economic Cooperation in the fall. The labor minister said he understood corporate concerns over the planned changes to Articles 2 and 3 of the Labor Union Act and vowed continued engagement before the law takes effect. "To help address these concerns and prevent misunderstandings, we will establish a dedicated task force with AmCham and other industry representatives to ensure continuous dialogue and incorporate industry input into policy discussions," he said. Over the next six months, the government will work with labor and management to reduce uncertainties, the minister said, adding it will issue detailed guidelines to help contractors and subcontractors strengthen partnerships, settle disputes and achieve 'sustainable growth through cooperation and mutual benefit.'
