President Yoon Suk Yeol has directed the strengthening of measures to eradicate wage arrears and support vulnerable borrowers ahead of the Chuseok holiday. He emphasized that even if key economic indicators improve, if citizens do not feel the benefits and experience deprivation, it is essential to address the fundamental issues in the economic and financial structure.
Kang Yu-jeong, the chief spokesperson for the Blue House, stated in a written briefing on the 21st that President Yoon ordered enhanced management of industries with frequent wage arrears during a senior secretary meeting.
President Yoon noted that while government oversight has significantly reduced the scale of wage arrears and the number of affected workers this year, many citizens still face difficulties. He urged for swift preparations for the implementation of the revised Construction Industry Basic Act, set to take effect next year, as part of efforts to create a 'zero wage arrears society.'
Regarding the recent improvements in key economic indicators such as exports, growth rates, and national income, along with the concrete development of the 'three mega projects' and 'seven SEED projects,' he expressed, "I feel a heavy responsibility for the reality that citizens are not sufficiently experiencing these achievements."
He emphasized the need to deeply consider what is most necessary for the public and to approach governance with humility, stating that the Blue House and the government must work together to create tangible changes in citizens' lives.
In a closed meeting, President Yoon received a report from the Economic Growth Office on improving support systems for vulnerable borrowers. During this process, he reviewed the structure of profits generated by the Bank of Korea, which are used for supporting subprime finance, and the scale of financial resources allocated to vulnerable groups.
He pointed out the tendency for asset gaps to widen in the financial process, stating, "Even if the economy improves and growth rates rise, if citizens feel deprived, asking 'What about me?' we must correct the fundamental issues." He instructed to explore ways to establish a stable subprime finance model as part of the government's role in improving this structure.
From the Social Affairs Office, he received a report on strengthening the retirement pension functions of the labor-management task force and urged for preparations to proceed as planned.
President Yoon is set to depart this evening for the 81st United Nations General Assembly and a visit to Mexico. He stated, "I will make this trip an opportunity to expand Korea's diplomatic reach and enhance national interests," emphasizing the priority of citizens' lives, safety, and national interests in addressing international issues.
Following the first Korea-Central Asia Summit held last week, he mentioned the importance of continuing to develop cooperation in economic, resource, and cultural fields with Central Asian countries. He stressed the need to enhance domestic capabilities while broadening international cooperation and solidarity in the face of increasing uncertainties in the international order.
He also addressed the status of his Chief of Staff, Kang Hoon-sik, noting that while Kang has expressed a desire to 'graduate' from his position, no decision has been made yet. President Yoon acknowledged the physical challenges faced by Kang and other Blue House staff as they work tirelessly day and night.
* This article has been translated by AI.
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