Gu Yoon-cheol "Yellow Envelope Act, Limited to Dispute Actions"

[Financial News] Deputy Prime Minister and Minister of Strategy and Finance Gu Yoon-cheol said on the 19th regarding the conditions of the Yellow Envelope Act, "We intend to limit it only to cases that inevitably involve changes in working conditions, such as layoffs."
 Deputy Prime Minister Gu responded to the opposition's concern at the plenary session of the National Assembly Planning and Finance Committee that the Yellow Envelope Act could expand the scope of labor disputes to managerial decisions, thereby restricting corporate activities.
 He added, "We are trying to create standards at a level that companies do not worry about, so excessively amplifying suspicions in the market is rather not helpful for national economic development."
 The Democratic Party plans to handle the Yellow Envelope Act, an amendment to Articles 2 and 3 of the Labor Union and Labor Relations Adjustment Act, at the plenary session of the August extraordinary National Assembly. In response to the business community's concern that the scope of labor disputes would widen under the amendment, making factory expansions or overseas investments only possible with union approval, the government issued explanatory materials late last month to counter this.
 Deputy Prime Minister Gu said, "I understand that simple investments or factory expansions alone are not included in labor disputes."
 In response to the opinion that the new government's economic policy seems amateurish, Deputy Prime Minister Gu refuted, saying it was "excessive criticism." He continued, "The government is reviving the economy and achieving healthy development in labor-management relations, normalizing uncomfortable aspects of past unions, and making them transparent, which can be a better direction for economic development and national advancement."


junjun@fnnews.com Choi Yong-jun Reporter