Pro-labor bill draws concerns among foreign investors

Foreign investors have joined Korean business leaders in opposing the proposed revision of the Trade Union and Labor Relations Adjustment Act. Expressing concern over the new law’s potential impact on Korea’s business environment and investment appeal, the American Chamber of Commerce in Korea (AMCHAM) said Wednesday that it strongly supports the joint statement issued by Korea’s eight leading business organizations regarding the legislation. Better known as the “yellow envelope bill,” the proposed revision aims to empower subcontracted workers by allowing them to negotiate directly with their employers’ clients, while prohibiting management from seeking compensation for damages incurred during illegal strikes. The bill earned its nickname after citizens delivered yellow envelopes containing money in 2014 to support unionized workers at SsangYong Motor, now KG Mobility. The workers had been ordered by a court to pay a total of 4.7 billion won ($3.4 million) in compensation to the automaker for their 2009 strike. As the ruling Democratic Party of Korea’s latest proposal alsoWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times