South Korea is notorious for its long working hours.
In fact, the country posted the second-longest working hours among OECD member nations in
2019.
So, it really may be of no surprise that it's also one of the unhappiest countries... ranking
35th out of 37 OECD members in happiness level in 2020.
To bring about a change, a 52-hour workweek system was introduced in 2018... and after
three years of a gradual implementation... the system will now be required by law in
every company here in Korea... starting tomorrow.
Tonight, we zoom in on the hopes and concerns of the system... with SONG Soo-young , Finance
Professor at Chung-ang University's College of Business and Economics.
Thank you for joining us.
The government-mandated reduction in working hours was introduced in 2018, when the National
Assembly approved a bill that did away with laws permitting a whopping 68 hours a week
of work.
It first began with large firms with over 300 employees and since then was gradually
implemented among smaller firms.
What is your assessment of the impact of the 52-hour workweek system thus far?
Has it helped in balancing work and life for an average worker?
The biggest concern was a possible reduction in monthly income due to shortened working
hours, which was quite often against the will of some workers.
Do we have any data on
how
the 52-hour
limit affected workers' pay?
Starting tomorrow, small companies with less than 50 employees, are required to limit working
hours to 52 hours a week... and with this, all companies in Korea will be implementing
the system regardless of their size.
What impact would it have on the Korean economy?
Some experts worry about negative effects.
Small firms, or small business owners, are already hit hard by the Covid-19 pandemic,
and some say they will have to shut down their business altogether if the 52 -hour workweek
begins.
In your view, what are some viable ways to make the system more sustainable, especially
for small
company owners?
Every new social system goes through a few years of trial and error but experts still
remain divided on the effectiveness
of
the 52-hour system.
What are your future prospects for the system?
Professor SONG Soo-young of Chung-ang University's College of Business and Economics for us tonight.
Thank you.