South Korea’s president stresses need to prioritize labor reforms

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South Korean President Yoon Suk-yeol said on Wednesday reforming practices in the labor market should be a top priority for his government’s drive to improve the way the country works.

“We should significantly change labor market practices in step with the fast-changing industrial structure and changes in labor demand,” Yoon said, adding that the rule of law should be firmly established in labor practices.

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The conservative Yoon, who took office early this year, has repeatedly said his government would strictly apply the law to labor relations in a country with a long record of fractious industrial relations.

Yoon, speaking at a finance ministry briefing on next year’s economic strategy, also said the education system and public pension service were areas that needed reform.

The tax burden on the owners of multiple homes should be lowered to ease the burden on renters, he said.

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