Seoul: The government and rival political parties are set to engage in crucial four-way talks to discuss a special law on semiconductors, an extra budget, and other pending issues. The discussions are expected to address significant disagreements between the ruling People Power Party (PPP) and the main opposition Democratic Party (DP).
According to Yonhap News Agency, the parties are primarily at odds over issues such as pension reform, a supplementary budget, and a special law that aims to exempt semiconductor workers from South Korea's 52-hour workweek system. The Semiconductor Special Act, which failed to pass last year due to disagreements over workweek exemptions, remains a contentious point. Currently, South Korea's workweek system limits employees to 40 regular hours and 12 hours of overtime per week.
"We must pass the Semiconductor Special Act, including the 52-hour workweek exemption, this month," PPP floor leader Kweon Seong-dong stated during a party meeting, expressing hope for bipartisan cooperation from DP leader Lee Jae-myung.
The DP has insisted that the PPP and the government formulate an extra budget to rejuvenate the economy and enhance people's livelihoods. The parties have reached a consensus on the necessity to increase the pension premium rate from 9 percent to 13 percent but remain divided on the income replacement rate, which determines the pension as a percentage of a subscriber's average income over their lifetime.
A DP official revealed to Yonhap News Agency that the DP is unwilling to make concessions on both the semiconductor act and pension reform, suggesting that the meeting might not yield meaningful outcomes. Similarly, a PPP official noted that unless the DP adopts a more cooperative stance, the likelihood of achieving any significant results from the talks remains "slim."
The meeting will be attended by acting President Choi Sang-mok, National Assembly Speaker Woo Won-shik, PPP interim leader Kwon Young-se, and DP leader Lee Jae-myung.