Gov't, ruling party agree to beef up accounting transparency of labor unions

All News 15:06 March 13, 2023

SEOUL, March 13 (Yonhap) -- The ruling People Power Party (PPP) and the government agreed Monday to make it mandatory for labor unions to release their accounting records if half or more of the union members demand it, or embezzlement or other irregularities happen in the union.

President Yoon Suk Yeol has put forward labor reform as one of his key policy agenda items, calling for accounting transparency of labor unions, and vowing to uproot illicit practices at construction sites, such as unions forcing companies to hire people they want.

On Monday, the government and the ruling party came up with an accounting transparency plan under which unions will be required to make their accounting records public if at least half of the union members ask for it or the labor minister demands it after embezzlement, breach of trust or other irregularities are found.

PPP leader Kim Gi-hyeon said the government and the ruling party will continue to address issues regarding labor unions, saying that the time has come for "massive hard-line aristocratic labor unions to fulfill their social responsibility to earn the trust of union members and the public."

Labor Minister Lee Jeong-sik emphasized the need to eradicate irrational practices and build a reasonable labor-management relationship.