The labor ministry has announced its blueprint for labor market reforms as it seeks to follow through on President Yoon Suk Yeol's pledge for reform.
In a briefing on Thursday morning, labor minister Lee Jeong-sik explained in detail the directives for the labor market which were first introduced in the Yoon administration's first economic policy objectives.
The plan includes revising the 52-hour cap on a workweek to grant businesses more flexibility in the management of their workforce while protecting employee rights. The revision would adjust the maximum overtime calculation from 12 hours per week to 48 per month to afford employees the opportunity to adjust their working hours week by week within a month.
Other measures include amending the labor law in such a way that overtime hours can be converted to vacation days.
The ministry also emphasized the need for a fair wage system that reflects the changing times, particularly with regards to the current seniority-based system, as workers change jobs more frequently in a sluggish economy.
The ministry plans to create a research group composed of experts within the next month to develop specific legislative and policy tasks over the next four months.