Mystery of the "Yellow Envelope Legislation"

The "Yellow Envelope Bill," a piece of legislation associated with pro-labor policies, has caused a stir in Korea after it was passed in a National Assembly plenary session. The bill, also known as the Trade Union and Labor Relations Adjustment Act, has the potential to undermine Korea's appeal to foreign companies.

The concerns regarding the bill's revisions to Articles 2 and 3 were recently expressed by KEF Chairman Sohn Kyung-shik during a news conference held at the KEF office in Mapo District, western Seoul, on July 31. The conference was conducted in Korean and was later translated into English with the help of generative AI tools and edited by a native English-speaking editor.

Sohn Kyung-shik, who works at The KEF (Korea Employers' Federation), voiced his worries about the potential impact of the revisions on Korea's business environment. His concerns are in addition to those previously expressed by the Amcham head and other business groups.

The KEF is one of the eight major business groups that have urged the parliament to reconsider the "Yellow Envelope Act." The other seven groups include Samsung, Hyundai Motor, SK Group, LG Corporation, POSCO, Hanwha Group, and Lotte Group.

The location of the National Assembly plenary session was in western Seoul. The bill's passage has sparked debate, with some arguing that it is necessary to protect workers' rights, while others fear it could harm Korea's attractiveness to foreign investors.

The "Yellow Envelope Bill" or "Act" is a pro-labor bill that has already been passed in a National Assembly plenary session. Its passage has been met with mixed reactions, with some celebrating the move as a step towards greater worker protections, while others expressing concerns about its potential impact on the business environment.

The JoongAng Ilbo, a leading Korean newspaper, has reported on the controversy surrounding the "Yellow Envelope Bill." The editorial writer, Ha Hyun-ock, has weighed in on the issue, raising questions about the potential consequences of the bill for Korea's economy.

As the debate over the "Yellow Envelope Bill" continues, it remains to be seen how the Korean government will respond to the concerns raised by business groups and what impact the bill will have on Korea's business environment and appeal to foreign companies.