Research suggests that a decrease in working hours for Koreans, who currently work longer hours than almost anybody in the developed world, would lead to a drastic increase in the number of jobs created. (Image : Yonhap)
SEOUL, Nov.18 (Korea Bizwire) – Research suggests that a decrease in working hours for Koreans, who currently work longer hours than almost anybody in the developed world, would lead to a drastic increase in the number of jobs created.
At the Employment Impact Assessment Debate hosted by the Ministry of Employment and Labor and the Korea Labor Institute, professor Lee Hae-chun from the Korea University of Technology and Education suggested that jobs could be created through a decrease in working hours.
According to the report, if current working hours, which are as long as 68 hours a week, are reduced to 52 hours a week, 18,500 jobs could be created in the first year of practice, and a total of 140,000 to 150,000 jobs could be created over time.
The estimated results were based on the assumption that the 26 types of businesses in which workers are allowed to work over 12 hours will be reduced to 10.
Professor Lee pointed out that there exists a need for a policy to stimulate the creation of new jobs. “In order to maximize the effects of cutting working hours on job creation from a macroeconomic point of view, the policy has to be implemented at a time when the economy is growing so that the demand for products and services is high.”
Professor Lee added that for the policy to be effective, labor and management negotiations on setting reasonable salaries, an increase in the number of part-time workers with quality skills, and a recruiting service program that provides a pool of manpower are a must.
By Kevin Lee (kevinlee@koreabizwire.com)
Regarding Prof. Lee’s opinion that “to maximize the effects on job creation of cutting workhours..the policy has to be implemented..when the economy is growing” -
Not at all – waiting for growth could keep you waiting forever. Instead, to maximize the job-creation effects of cutting working hours (see Tmsz.com/1reinsiz.htm), the policy has to be implemented in connection with a policy of deliberately converting chronic overtime into training and hiring (see Tmsz.com/1mktrinv.htm). The additional jobs & job options…and employees & their dependents… and earnings & spending power… and shoppers & spenders… would MAKE the economy start growing instead of just waiting for it to happen by home-conjured magic or global miracle.