[WEEKLY FOCUS] 4.5-day workweek? How S. Korea's presidential candidates aim to reform labor, housing policies

We are now about 10 days away from the big election day, and candidates’ pledges especially on the economy are beginning to draw more attention.

Following last week's coverage on AI and trade, this week, we take a closer look at their plans for labor reform and housing.

For more on this, we are joined in the studio by our economics correspondent Lee Soo-jin.

Welcome Soo-jin.

Great to be here.

Let's start with labor reform.

Can you tell us how the candidates are proposing to improve labor conditions?

Sure, so South Korea's presidential candidates

are hoping to win the votes of those wishing for a better work-life balance by, as you said, improving labor conditions.

To do so, the two frontrunners have proposed a 4-point-5-day workweek.

The current standard workweek is five days, and most full-time workers log 40 hours from Monday to Friday, with a legal maximum of 52 hours per week.

The 5-day workweek was introduced under a 2003 revision to the Labor Standards Act, and fully implemented nationwide by 2011.

Now, attention is on whether a 4-point-5 workweek will become a reality this year.

And here's how an expert assesses the key goals behind the two leading candidates’ proposals.

Let's take a listen.

"he also focused on a 4-point-5 day workweek that is aimed at reducing worker fatigue and improving their work-life balance, with the hope that it would boost productivity. If you look at Kim Moon-soo's proposal, he believes that with good negotiations between workers and employers, a more flexible situation can be achieved without dramatic changes."

So, can you walk us through what each candidate's 4-point-5 day workweek looks like?

To start off with Democratic Party candidate Lee Jae-myung, just as we heard from the expert, his focus is on easing worker burnout.

He has proposed reducing the standard workweek from 40 to 36 hours by cutting Friday afternoons, without reducing wages.

The proposal also includes providing incentives for companies to adopt the new schedule, and has the long-term goal of eventually transitioning to a 4-day workweek.

"South Korea’s total working hours are too long, about 200 hours more than the OECD average. Longer hours no longer mean higher productivity; efficiency and creativity are now key."

People Power Party candidate Kim Moon-soo has proposed a 4-point-5 day workweek that maintains the current 40 hours by redistributing working hours across the other four days in the week.

Under this plan, employees work one extra hour from Monday to Thursday, and finish earlier on Friday, creating a shorter workday without cutting total weekly hours.

He has also said that he supports granting exemptions to the 52-hour workweek limit for the semiconductor sector.

"I will replace the rigid working hours system with a more flexible one; cut corporate and inheritance taxes significantly, and drastically reform regulations to help businesses thrive."

Reform Party candidate Lee Jun-seok has strongly criticized the 4-point-5-day workweek proposal that reduces working hours without cutting wages, calling it unrealistic.

He has instead pledged labor reforms that include giving local governments the authority to adjust the minimum wage to revitalize regional economies.

Now turning to housing pledges, how do they compare?

Housing is a key issue for all three candidates,.

as the country's residence crisis has fueled voter concern, and also contributed to the country’s low birth rate.

While they all aim to increase supply, their approaches differ, here’s how.

The key theme of Lee Jae-myung's housing proposal is the "New Town."

South Korea’s first New Town project from the late 1980s, which includes Bundang and Ilsan, now faces an aging infrastructure that he plans to rebuild.

Lee has also pledged to cut red tape for Seoul’s downtown redevelopment, and to develop a 4th-generation New Town with more quality public housing.

The key theme of Kim's proposal is "youth."

Kim’s “3•3•3” Youth housing supply plan offers support for up to 9 years, 3 years after marriage, and 3 years each after a first and second child.

His proposal includes supplying 200-thousand homes for young adults, newlyweds and families, and more housing for single-person households.

The key theme of Lee Jun-seok's proposal is "life stages."

He plans to increase the supply of 59㎡ homes by promoting the redevelopment and building of small-unit housing.

Lee pledged to promote high-density urban development, citing strong housing demand, and proposed housing tax cuts tailored to newlyweds seeking smaller homes, growing families needing more space, and seniors looking to downsize.

How can candidates reassure voters that these pledges will be carried out?

Right, so feasibility has been raised as a key area of concern.

And it looks like it will be crucial for candidates to make it clear to voters that they will be able to bridge the gap between parties to move policies forward.

Here's what an expert said.

"I think for the next six months after the new administration, everything depends upon how successful the National Assembly and government are in coming up with a revolutionary deregulation framework. All we need is a political consensus, which I think is very possible."

Thank you for coming in today, Soo-jin.

Thank you for having me.