South Korean President: Corporate management rights should be respected just as much as labor rights

Golden Ten Data reported on May 18 that, according to Yonhap News Agency, South Korean President Lee Jae-myung stated on Monday that business management rights should be equally respected as labor rights. Lee Jae-myung posted this message on his X account as Samsung Electronics and its labor union workers are holding last-minute breakthrough negotiations to avoid an 18-day strike scheduled by the union to begin on Thursday. Lee Jae-myung wrote: "In South Korea, which has adopted the basic order of democracy and a free-market economy, labor should be respected equally as enterprises, and business management rights should be respected equally as labor rights." Lee Jae-myung said that workers have the right to receive fair compensation for their labor, while shareholders have the right to a share of the company's profits for bearing risks and losses. Lee Jae-myung also warned that excessive demands could lead to negative consequences and emphasized the necessity for unity, responsibility, and shared prosperity.