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Finance Minister Calls for Social "Big Deal" over Labor Issues

Write: 2019-01-14 19:03:30Update: 2019-01-14 19:52:05

Finance Minister Calls for Social "Big Deal" over Labor Issues

Photo : YONHAP News

Economy and Finance Minister Hong Nam-ki has called for a swift "big deal" resolution on pending labor issues through dialogue and compromise among labor, management and government. 

He met on Monday with Moon Sung-hyun, chairman of the tripartite Economic, Social and Labor Council, his first after taking office as the top economic policy-maker. 

Minister Hong said the labor issues that need consensus by next month include extending the current three-month unit period of the flexible work hour system and the ratification of key conventions of the International Labor Organization(ILO). He also included the overhaul of the mechanism by which the level of the country’s minimum wage increases are determined.   

South Korea joined the ILO in 1991 but has ratified only four of eight fundamental conventions sanctioned by the international organization. The four remaining conventions concern the freedom of association and bans on forced labor.

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