Seoul: The government and rival political parties engaged in a significant four-way discussion Thursday to deliberate on a special semiconductor law, an extra budget, and other pressing issues. The meeting saw the participation of 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.
According to Yonhap News Agency, the PPP and the DP have been at loggerheads over key issues, including pension reform, a supplementary budget, and a proposed law that aims to exempt semiconductor workers from South Korea's existing 52-hour workweek system. In his opening remarks, Choi emphasized the urgency of enacting the special semiconductor law, citing the need for South Korea to keep pace with major economies like the United States and Japan, where chip workers operate without such restrictions and the U.S. is planning to impose tariffs on chips.
The Semiconductor Special Act faced an impasse last year due to disagreements over exemptions to the 52-hour workweek system, which currently limits employees to 40 regular hours and 12 hours of overtime per week. Choi highlighted the challenges under the existing system, stating that it hampers focused work and disrupts research, making it difficult to promptly address companies' demands, underscoring the necessity of the Semiconductor Special Act.
Meanwhile, the DP has urged the PPP and the government to formulate an extra budget to stimulate economic recovery and enhance citizens' welfare. On the matter of pension reform, while both parties agree on raising the premium rate from 9 percent to 13 percent, they remain divided on the income replacement rate, which determines the pension as a percentage of a subscriber's lifetime average income.
A DP official informed Yonhap News Agency that the DP is unwilling to compromise on the semiconductor act and pension reform, expressing skepticism about achieving meaningful outcomes from the meeting. A PPP official echoed this sentiment, suggesting that substantial results are unlikely unless the DP adopts a more collaborative approach.