Koreans will work longer: Samsung He got the government's consent to extend his employees from the statutory 52 hours a week to as much as 64 hours a week. This means that at a five -day work week, employees must work almost 13 hours every day. However, this solution has several restrictions.
The government encourages longer work: Consent to extend the working time was issued only for department dealing with research and development of semiconductors. Koreans want to increase their competitiveness in this industry. The gate to extend the working time, the government itself opened in connection with these ambitions. In March, the regulations were changed, enabling overtime to increase employers for people who work on these modern technologies. Importantly, they can do it only on six months.
Ambitious plans: Korean media describe that Samsung got this type of consent. Employees of the research and development department in this technological giant can work up to 64 hours a week for the first three months and up to 60 hours a week for the next three. Such a model will not stay permanently (or at least it seems now). It was also not stated whether employees would receive additional salary for this. Samsung is the first company to get this type of consent, but Probably not the last one.
Korea focuses on new technologies: On Tuesday, South Korea has announced an increase in the support package for semiconductor industry to 33 trillion won ($ 23.25 billion), which is an increase of about a quarter compared to a package of 26 trillion won announced last year. This is related to the competition from the site China and uncertainty in relations with the United States. Last year, the export of semiconductors from Korea to China reached $ 46.6 billion, while up to USA – $ 10.7 billion Importantly, the value of all exports of South Korean semiconductors was $ 141.9 billion, which accounted for 21 percent. total exports of the country.
Work, work and work again: The 52 hours that are currently working in South Korea a week is definitely more than in the European Union. In 2023, the average weekly working time of people aged 20-64 was 36.1 hours. Poland with 39.3 hours a week was at the forefront behind Greece (39.8 hours) and Romania (39.5). Statutory we have a 40-hour work week. Interestingly, the idea to increase it in South Korea was already in 2023. The government then prepared a proposal to introduce a 69-hour work week. However, the idea met with social resistance and finally collapsed.
Sources: Eurostat, Reuters, Expertmarketresearch, The Chosun Daily, Sammyguru, CNBS