Seoul: The government and rival political parties were unable to come to an agreement regarding an extra budget or a special law concerning semiconductors during four-way talks on Thursday, officials reported. Despite the lack of consensus, the parties have agreed to continue discussions at the working level, recognizing the necessity for a supplementary budget, as stated by Park Tae-seo, a National Assembly spokesperson.
According to Yonhap News Agency, Park Tae-seo detailed that the parties have committed to further working-level discussions on various aspects of an extra budget, such as its timing and size. These discussions will be guided by three main principles: supporting people's livelihoods, backing artificial intelligence and other future-oriented industries, and bolstering trade.
The talks included acting President Choi Sang-mok, National Assembly Speaker Woo Won-shik, ruling People Power Party (PPP) interim leader Kwon Young-se, and main opposition Democratic Party (DP) leader Lee Jae-myung. The PPP and DP have been at odds over several issues, such as pension reform, a supplementary budget, and a special law designed to exempt semiconductor workers from the country's 52-hour workweek system.
Choi emphasized the urgency of passing the special semiconductor law, highlighting that chip workers in major economies like the United States and Japan are already advancing new technologies without such work hour restrictions. The U.S. is also contemplating tariffs on chips. The Semiconductor Special Act could not pass last year due to opposition parties' disagreement with exempting semiconductor workers from the existing workweek regulations, which currently cap employees at 40 regular hours and 12 overtime hours per week.
Choi expressed concerns, stating, "Under the current working hour system, it's difficult to do concentrated work, leading to interruptions in research and making it difficult to respond immediately to companies' orders. This is why enacting the Semiconductor Special Act is absolutely necessary."
Park further noted that the parties engaged in "in-depth discussions" regarding the chip bill and agreed to continue their dialogue at the working level. On the matter of pension reform, the parties have expressed a consensus on the necessity to increase the premium rate from 9 percent to 13 percent. However, they remain divided on the income replacement rate, which pertains to the pension as a percentage of a subscriber's average income over their lifetime.
"We decided to hold further discussions on pension reform at working-level talks," Park stated.