SEOUL, Oct. 23 (Korea Bizwire) – The government will come up with measures to improve a recently implemented shorter workweek, a presidential official said Tuesday, signaling possible changes to the mandatory reduction in working hours that many say is causing problems for both businesses and workers. The official made the remark after a meeting of [...]
SEOUL, Sept. 30 (Korea Bizwire) — The brand value of South Korean leisure-related companies improved in the third quarter following the government’s new policy to cut work hours, data showed Sunday, while that of liquor firms lost ground. South Korea earlier reduced its maximum working hours to 40 hours plus 12 hours of overtime per [...]
SEOUL, Jun. 19 (Korea Bizwire) — Retailers are adding evening programs at their culture centers to accommodate office workers who will have extra time due to shortened legal working hours starting next month, industry officials said Tuesday. More customers are registering in evening classes at some retailers, including Hyundai Department Store, which increased after-work programs [...]
SEJONG, May 7 (Korea Bizwire) — New data has revealed that South Korea’s GDP per hour worked per hour is far lower than that of other advanced nations, and belies the nation’s reputation as one of the world’s leading economies. Experts attribute the low rate to the grueling long work hours not found in other [...]
SEOUL, March 15 (Korea Bizwire) — The government’s decision to reduce the maximum extended weekly working hours from 68 to 52 will lead to a drop in wages but growth in hiring, according to a report by the National Assembly Budget Office. Average monthly salaries are estimated to drop by 11.5 percent (377,000 won), with [...]
SEOUL, Mar. 2 (Korea Bizwire) — South Korean workers have expressed mixed feelings towards the passage of a revised bill through parliament that aims to shorten working hours, with some citing positive improvements in their work-life balance while others fear a cut in wages. On Wednesday, the National Assembly passed a revision to the Labor [...]
SEOUL, Feb. 28 (Korea Bizwire) – The National Assembly on Wednesday passed a bill aimed at shortening working hours despite businesses’ concerns about increased labor costs. The revision to the Labor Standards Act calls for reducing the country’s maximum statutory working hours to 52 hours a week from the current 68 hours. The working hours under the revision comprise 40 hours a week and up to 12 hours for overtime work. Under the current rule, [...]
SEOUL, Feb. 27 (Korea Bizwire) — South Korea’s business community on Tuesday expressed concern about additional costs stemming from a looming reduction in a weekly working hours. The move came after the National Assembly’s environment and labor committee passed a bill aimed at shortening maximum statutory working hours to 52 hours a week from the [...]
SEOUL, Feb. 5 (Korea Bizwire) — LG Electronics Inc., a South Korean tech giant, said Friday that it has begun a pilot program to reduce weekly working hours to 52 in some of its business divisions. The company said the pilot program began on Thursday in some of its home entertainment divisions and that there [...]
SEOUL, Jan. 16 (Korea Bizwire) — South Korean public servants on around-the-clock duties, such as police and customs officials, work about 1,000 hours more a year than public workers in member countries of the Organization for Economic Cooperation and Development, a government survey showed Tuesday. According to the Ministry of Personnel and Management’s survey, government [...]