President Lee Jae Myung on May 13 speaks at the K-Shipbuilding Future Vision Roundtable at Hotel Hyundai by Lahan Ulsan in Ulsan. (Cheong Wa Dae)

By Kim Seon Ah

President Lee Jae Myung on May 18 said, "Corporate management rights deserve the same respect as labor rights," quoting the proverbs "Too much of a good thing is just as bad as that of a bad thing" and "Extremes inevitably lead to reversal."

His comments were apparently referring to Samsung Electronics unionized workers, who announced their start of a general strike on May 21.

On his X account, President Lee said, "In the Republic of Korea, which has adopted an order governed by liberal democracy and a capitalist market economy, labor must be respected just as much as companies, but corporate management rights also deserve the same respect as labor rights."

"Workers must be able to receive fair compensation for their labor, and shareholders who bear the risks and losses of their investments are also entitled to a share of corporate profits."

"There was a time when a worker's right to share corporate profits was even specified in the Constitution," he added. "Under the current Constitution, the fundamental rights of every citizen are guaranteed but can be restricted for the sake of public welfare and other purposes, so as long the restrictions do not infringe on the essential content of such rights."

"Just as there is shade for every patch of sunshine, a high mountain has a deep valley," he said. "The future of a new Republic of Korea is a world where people stand in solidarity, take responsibility and thrive together, not where those in power have more and are happier."

President Lee's comments came amid the tense standoff between the Samsung Electronics management and labor. The union wants to abolish the performance bonus cap of 50% of annual salary and raise incentive funds, namely the stipulation of 15% of operating profit to finance the bonus pool.


sofiakim218@korea.kr