Kim Moon-soo, a candidate for the People Power Party presidential primary, noted on the 18th, "I will boldly solve many of the problems facing corporations in a one-stop manner," and announced plans to reduce the corporate tax rate from 24% to 21% and the inheritance tax rate from 50% to 30%.
On the same day, Kim announced the promise titled 'A country favorable for corporations, job creation' at the election office in Yeouido, Yeongdeungpo District, Seoul.
Kim emphasized, "During the time of economic crisis and turmoil, I will transform the economy through the three major innovations of capital, technology, and labor, and usher in a new era of growth and prosperity." He promised to prioritize the expansion of corporate investment.
To this end, he stated that he would establish a 'comprehensive support center for corporate investment'. His plan includes providing a one-stop package of support for job-creating corporations, including land, advanced industry infrastructure (transportation, electricity, water, etc.), intellectual property, technology, expenses, and taxes. He also announced plans to ease the tax burden for job-creating corporations by reducing the corporate tax rate to 21% and the inheritance tax rate to 30%.
Additionally, he set a goal to make South Korea a technology powerhouse by presenting an aim for the three leading countries in AI. He stated that he would cultivate 200,000 young talents in AI by strengthening support for university education in AI and expanding research and development support, as well as create a public-private joint fund worth 100 trillion won involving global corporations to support AI unicorn companies. He also promised to designate 10 promising technologies (artificial intelligence, AI semiconductors, secondary battery technology, biohealth, mobility, quantum technology, robotics, aerospace technology, carbon-neutral green energy, and cybersecurity) as national strategic projects and thoroughly support them, including regulatory relief.
Kim, who is a former garment factory worker from Cheonggyecheon, emphasized labor innovation, stating, "I will enhance labor productivity." He proposed to allow labor hours to be autonomously chosen by corporations and workers through consultation and suggested expanding the management units for overtime work to a month, a quarter, and a year, introducing a labor time savings account system (allowing the conversion of overtime work into vacation), and exceptions to labor hour regulations for high-income professionals.
Kim stated, "(Labor hours) should be autonomously agreed upon by labor and management and by individuals," and added that "overwork deaths can be checked through health examinations." He explained his previous policy as Minister of Employment and Labor to revise administrative guidelines, which expanded the maximum approval period for special overtime work in the research and development sector from the previous 3 months to 6 months, saying, "At that time, labor groups raised strong concerns, asking, 'What happens if there is an overwork death?' so he mandated that corporations conduct health examinations.
He stated that the mandatory retirement extension system would be left to the autonomy of corporations regarding re-employment, extension, and abolition. Kim noted, "I agree with extending retirement, but as retirement is extended in public and large corporations that young people want to join, it reduces the hiring of young people," emphasizing that "such aspects must be carefully considered for corporations.
Kim also stated, "I will protect the rights of vulnerable workers," noting that he would push for the enactment of laws to support vulnerable workers such as platform workers and freelancers and expand the application of the Labor Standards Act to business sites with fewer than five employees. Furthermore, he promised to significantly expand vocational transition education by fully implementing practical training programs in ten promising technology fields and enhancing safety in industrial sites by utilizing drones and robots.
He criticized Lee Jae-myung, the former leader of the Democratic Party of Korea, saying, "Some candidates roast and harass corporations. To propose a ridiculous yellow envelope law while claiming to revive the economy is nothing but a blatant lie."
He added, "Only when corporations, technology, and labor run together can the South Korean economy develop. I am not someone who only speaks." He assured, "I will engage in honest politics."
Kim's campaign also announced the appointments for policy roles. Park Soo-young will serve as the head of the policy headquarters, and former lawmaker Lee Hye-hoon will be the head of the policy division. Additionally, Lee Bong-hwa, a former Vice Minister of Health, Welfare, and Family Affairs, will head the women's welfare and medical policy committee, and Kim Kang-soo, a former senior advisor at Hana Bank's management research institute, will oversee policy coordination.