James Kim, chairman of AMCHAM Korea (AMCHAM, hereinafter "AMCHAM"), said of the yellow envelope law, a new labor law aimed at strengthening the bargaining rights of subcontract workers (the amended Trade Union and Labor Relations Adjustment Act), which is set to take effect, "We respect the intent of the law itself, but corporations need clearer guidance on what changes will actually occur."
Kim said the same at a seminar on the yellow envelope law, a new labor law aimed at strengthening the bargaining rights of subcontract workers, co-hosted by BAE, KIM & LEE LLC and AMCHAM on the 8th, saying, "For Korea to leap forward as a regional headquarters hub of the Asia-Pacific (APEC), it needs labor policies that meet global standards and a predictable corporate environment."
Kim explained that while global corporations have about 5,000 Asia-Pacific regional headquarters in Singapore, some 1,400 in Hong Kong, and about 900 in Shanghai, Korea has fewer than 100. He added, "AMCHAM will work closely with the government to help build a policy environment that balances worker protection and corporate competitiveness."
Lee Jun-gi, managing partner at BAE, KIM & LEE LLC, said, "The yellow envelope law, a new labor law aimed at strengthening the bargaining rights of subcontract workers, is a significant change in labor law that affects all corporations, making accurate understanding and preparation essential." Foreign attorney Lee Hyo-jin (New York State, U.S.) of BAE, KIM & LEE LLC said, "Because the yellow envelope law, a new labor law aimed at strengthening the bargaining rights of subcontract workers, can have wide-ranging effects on foreign-affiliated companies in Korea as well, it is important to thoroughly understand its contents and how it will affect companies before it takes effect and to prepare in advance."
Attorney Cho Heung-seon of BAE, KIM & LEE LLC said, "If you look at the major lower court rulings so far, you can anticipate how the yellow envelope law, a new labor law aimed at strengthening the bargaining rights of subcontract workers, which is set to take effect, may affect corporations in each industry."
About 150 people, including AMCHAM member companies as well as legal officers and representatives from major domestic and international corporations and institutions, attended the seminar.