President Lee Jae Myung speaks during a meeting with senior presidential aides at Cheong Wa Dae in Seoul, Thursday. Yonhap
President Lee Jae Myung said Monday that management rights should be respected as much as labor rights, in a social media post ahead of a massive strike planned by Samsung Electronics’ labor union this week.
Lee acknowledged workers' right to share in corporate profits but noted it could be restricted in the interest of "fundamental constitutional rights and public welfare."
“In the Republic of Korea, which embraces the liberal democratic basic order and a capitalist market economy, labor should be respected as much as business and management rights should be respected just as labor rights are,” the president wrote on X, formerly Twitter.
Lee’s posts were made as Samsung Electronics and its labor union resumed government-led mediation talks Monday, in what is seen as a last-ditch effort to prevent an 18-day strike scheduled to begin Thursday.
The union has repeatedly demanded that the company allocate 15 percent of operating profit to employees as performance-based bonuses and also remove the payout cap. Management has so far declined to accept the proposal.
If the strike goes ahead as planned, nearly 45,000 of Samsung Electronics' unionized workers will walk off the job for 18 days.
A strike is anticipated to disrupt production at the world’s largest memory chipmaker, with daily estimated losses amounting to more than 1 trillion won ($664.18 million).
In his comments, the president also wrote, “Workers should receive fair compensation for their labor, while shareholders who have invested and borne risks and losses are entitled to a share of corporate profits.”
He noted that the early Constitution once included a provision granting workers the right to share in corporate profits, and emphasized that “the fundamental rights of all citizens are guaranteed.”
Source: Korea Times News
