Seoul: The conservative ruling People Power Party has pledged to implement a 40-hour, 4.5-day workweek as part of its campaign for the upcoming June 3 presidential election. This proposal suggests employees work an additional hour from Monday to Thursday, with a reduced four-hour workday on Friday.
According to Yonhap News Agency, the concept of a shortened workweek was initially proposed by Rep. Lee Jae-myung of the Democratic Party of Korea, who suggested transitioning to a 4-day workweek. Lee's proposal has been reiterated in his election pledges, emphasizing a move towards reduced workdays.
The People Power Party argues that its proposal balances maintaining current work hours while enhancing work-life balance. In contrast, they criticize the Democratic Party's plan as populist, suggesting it reduces work hours without cutting pay. However, this proposal comes at a time when companies face challenges due to tariffs imposed by the US.
The abrupt introduction of this pledge by the ruling party, traditionally advocating for labor reform, raises questions. It suggests that workweek reforms should consider industry-specific characteristics, allowing companies to decide on adopting such schedules based on their operational needs to maintain competitiveness.
Both political parties need to discuss these proposed changes in the context of labor productivity and the challenges faced by companies. The Democratic Party's plan to reduce total work hours might impact company performance, while the People Power Party's pledge could result in increased overtime for workers.
South Korea's productivity ranks low among OECD countries, and the nation's workforce is declining due to demographic changes. Economists warn that without improving labor productivity, Korea's growth potential could fall significantly within 15 years. Suggestions to introduce even shorter workweeks, like 3-day workweeks, are considered impractical given the current productivity levels.
The debate over workweek reforms highlights the need to focus on productivity improvements rather than merely altering work hours. The 4.5-day or 4-day workweek proposals could mark the beginning of competitive populist pledges as the election approaches. It is crucial for political parties to consider these implications thoughtfully rather than hastily commit to promises aimed at winning votes.