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🇰🇷 South Korea /Economy & Trade

Democratic Party launches 'mega project' committee, considers work hour exceptions

From Hankyoreh · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • The Democratic Party launched a special committee for "mega projects" aimed at fostering future industries and balanced national development.
  • The committee plans to review regulations and consider exceptions to the 52-hour workweek for highly paid professionals.
  • The party aims to create a tailored legislative system to accelerate these projects, including potential deregulation and incentives.

South Korea's Democratic Party has launched a "Mega Project Special Committee" to spearhead initiatives for future industries and balanced national development. The committee held its inaugural meeting, signaling a commitment to "boldly rationalize regulations" that could hinder large-scale projects.

We will do our best to support the three mega projects by communicating in real-time with government ministries.

— Han Byung-doHan Byung-do, the Democratic Party's acting leader and committee chairman, stated the committee's commitment to supporting the mega projects.

Key to the committee's agenda is the potential for "White Collar Exemption," which would create exceptions to the 52-hour workweek for highly compensated professionals. Han Byung-do, the party's acting leader and the committee's chairman, emphasized the need for a "tailored legislative system" to expedite these projects. He stated the party and government share a goal of "speedy execution" for initiatives that could transform the future industrial ecosystem and promote regional balance.

The three mega projects are on the continuum and foundation of policies consistently pursued by the Democratic Party governments.

— Kim Kyoung-sooKim Kyoung-soo, a committee vice-chairman, emphasized the historical context of the mega project initiatives.

Kim Kyoung-soo, a committee vice-chairman, highlighted the continuity of these mega projects with previous Democratic Party policies, including digitalization, IT venture support, and green energy expansion. He stressed the urgency of creating the necessary conditions for businesses, advocating for swift legislative improvements, including a "Mega Special Zone Act." The committee also plans to offer a package of support covering talent, regulatory special measures, R&D, and financial incentives.

We will quickly prepare the conditions that businesses need.

— Kim Kyoung-sooKim Kyoung-soo stressed the need for rapid regulatory and support system adjustments.

Jang Cheol-min, the committee's secretary, pledged to facilitate prompt legislative proposals and secure full budget support. He acknowledged that sensitive issues, such as the White Collar Exemption, would require broad social consensus but affirmed the committee's willingness to address them. The party aims to adopt a "bottom-up" approach to special zone legislation, prioritizing detailed budget projects and ensuring speedy permit processes. While specific discussions on the White Collar Exemption were not detailed, the party's openness to the concept signals a potential shift in labor regulations for certain professional sectors.

We will quickly establish social consensus through swift and clear agreement on social discussions for the success of the project.

— Jang Cheol-minJang Cheol-min, the committee's secretary, outlined the plan for building consensus around the projects.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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