▲ Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry, speaking at an event.
Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry (KCCI), addressed the controversy over performance bonuses that began at SK Hynix, stating, "If everyone disliked it, it would be a real problem, but I do not see it that way. Let us wait and see."
During a press conference held on the sidelines of the KCCI Jeju Forum recently held in Jeju, Chairman Chey remarked, "I want to provide as much happiness as possible to our members, but there is a condition. Happiness must be shared with stakeholders. If the happiness of members infringes upon stakeholders, we must address the issue for the sake of sustainable happiness."
Chey added, "I am aware that there are people who are happy about it even though they are not SK Hynix employees. I believe this also brings positive effects."
Regarding concerns from some quarters about government-led influence in selecting the site for a new semiconductor cluster, he stated, "We continue to evaluate whether the conditions are sufficient, but we have not been able to find any other location in South Korea that perfectly meets the necessary requirements." He added, "Our position is simple: infrastructure should be built by the government or local authorities, and if they provide it well, we will build there."
On the issue of applying exceptions to the 52-hour workweek to accelerate semiconductor production, he said, "I have heard that if we create a mega special zone and move to a regional area, an exemption from the 52-hour workweek might be considered." He continued, "While employers must comply with the 52-hour workweek, if employees want to work more, they should be allowed to do so. It is currently not permitted, and I wish their free will could be respected."
Chairman Chey repeatedly emphasized the need for regulatory reform to drive economic growth.
When asked about improving the inheritance tax system, he pointed out, "We are still holding onto the same systems from the era of high growth, not just for inheritance taxes. We have entered an era of low growth, and while there is talk about the need for growth, there are not many systems that support growing companies."
Chey noted, "Our system does not deviate from the framework that small companies should be helped, the poor should be provided for, and the wealthy should be taxed more. Small and medium-sized enterprises no longer want to grow."
He expressed concern, asking, "If companies do not think growth is necessary, where will the growth engine and motivation come from?"
Chairman Chey further stated, "South Korea should operate on a political system of democracy and an economic system of capitalism. If we cannot achieve growth and one wheel fails to turn, problems arise in democracy as well. To make both wheels function properly as they did in the past, we must return to growth-oriented policies. Only when there is growth can we have the leeway to resolve issues of distribution."
Regarding the "AI excess profit sharing" proposal suggested by the Ministry of Employment and Labor, he said, "I have no reason to object to the government doing what it deems necessary with the taxes we pay." However, he added, "While we must do something to make stakeholders happy, I am not sure if that (the excess profit sharing theory) is the direction we are thinking of. I do not fully understand the concept yet."
(Photo: Yonhap News)
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