A shameful blame game over the failed Semiconductor Bill
Published: 19 Feb. 2025, 00:00
The passage of the Special Semiconductor Bill, designed to enhance the competitiveness of Korea’s semiconductor industry, is now on the verge of collapse in the February extraordinary session of the National Assembly. The ruling People Power Party (PPP) and the Democratic Party (DP) failed to reach an agreement on exempting semiconductor research and development (R&D) personnel from the 52-hour workweek regulation. Rather than making efforts to narrow their differences, both parties have instead been engaging in a futile blame game, pointing fingers at each other over the bill’s failure in the National Assembly’s Industry, Trade and Energy Committee.
DP leader Lee Jae-myung accused the PPP of irresponsibly blocking progress by insisting on the exemption clause, stating that “they pushed that nothing can be agreed upon unless the 52-hour exception is included.” He argued that the bill should be passed in parts where there is no disagreement. However, not long ago, Lee himself had expressed support for more flexible working hours for high-income R&D professionals. A true political leader should have the courage and decisiveness to persuade opponents for the greater national interest. Yet, Lee appears to be backpedaling, likely due to internal opposition within his party and pressure from labor groups. It is no surprise that he is being criticized for flip-flopping on the issue.
The PPP, on the other hand, cannot escape its share of responsibility either. While quick to blame Lee for “lying for his early presidential bid,” the ruling party’s incompetence is glaringly evident in its inability to push through such a crucial bill. As the ruling party, it should have made every effort to persuade opposition lawmakers and broker a compromise. This responsibility is even greater given the PPP’s status as a minority. Yet, instead of such efforts, PPP floor leader Kweon Seong-dong has been busy attacking Lee, saying, “He claims to be pro-growth, but the only thing growing is his list of lies.” The two parties remain locked in a standoff over key issues such as the supplementary budget and pension reform as well.
Fortunately, the "K-chips Act," which raises tax credits for semiconductor facility investments, has passed the National Assembly’s Strategy and Finance Committee. However, if the Constitutional Court upholds the impeachment of President Yoon Suk Yeol, essential livelihood-related bills are likely to remain in limbo not only during the February session but possibly until the early presidential election. At the very least, the National Assembly and the government must make progress in narrowing their differences during the policy coordination meeting scheduled for tomorrow. It speaks volumes that Choi Sang-mok, the acting president and an economist by trade, has lamented, “The purpose of politics is to serve the people’s livelihood, and its method should be communication.”
Choi Jong-ku, Korea’s Ambassador for International Financial Cooperation, recently returned from an economic briefing session in Hong Kong and Singapore. He reported that foreign investors were far more interested in whether the semiconductor bill would pass, the sustainability of the government’s value-up program and inheritance tax reforms than in President Yoon’s impeachment trial. With the government in a state of leadership vacuum, lawmakers prioritizing populist policies or engaging in endless partisan battles for electoral gains is the height of irresponsibility. At the very least, they should pass crucial livelihood-related bills before asking the public for their votes.
Translated using generative AI and edited by Korea JoongAng Daily staff.
DP leader Lee Jae-myung accused the PPP of irresponsibly blocking progress by insisting on the exemption clause, stating that “they pushed that nothing can be agreed upon unless the 52-hour exception is included.” He argued that the bill should be passed in parts where there is no disagreement. However, not long ago, Lee himself had expressed support for more flexible working hours for high-income R&D professionals. A true political leader should have the courage and decisiveness to persuade opponents for the greater national interest. Yet, Lee appears to be backpedaling, likely due to internal opposition within his party and pressure from labor groups. It is no surprise that he is being criticized for flip-flopping on the issue.
The PPP, on the other hand, cannot escape its share of responsibility either. While quick to blame Lee for “lying for his early presidential bid,” the ruling party’s incompetence is glaringly evident in its inability to push through such a crucial bill. As the ruling party, it should have made every effort to persuade opposition lawmakers and broker a compromise. This responsibility is even greater given the PPP’s status as a minority. Yet, instead of such efforts, PPP floor leader Kweon Seong-dong has been busy attacking Lee, saying, “He claims to be pro-growth, but the only thing growing is his list of lies.” The two parties remain locked in a standoff over key issues such as the supplementary budget and pension reform as well.
Fortunately, the "K-chips Act," which raises tax credits for semiconductor facility investments, has passed the National Assembly’s Strategy and Finance Committee. However, if the Constitutional Court upholds the impeachment of President Yoon Suk Yeol, essential livelihood-related bills are likely to remain in limbo not only during the February session but possibly until the early presidential election. At the very least, the National Assembly and the government must make progress in narrowing their differences during the policy coordination meeting scheduled for tomorrow. It speaks volumes that Choi Sang-mok, the acting president and an economist by trade, has lamented, “The purpose of politics is to serve the people’s livelihood, and its method should be communication.”
Choi Jong-ku, Korea’s Ambassador for International Financial Cooperation, recently returned from an economic briefing session in Hong Kong and Singapore. He reported that foreign investors were far more interested in whether the semiconductor bill would pass, the sustainability of the government’s value-up program and inheritance tax reforms than in President Yoon’s impeachment trial. With the government in a state of leadership vacuum, lawmakers prioritizing populist policies or engaging in endless partisan battles for electoral gains is the height of irresponsibility. At the very least, they should pass crucial livelihood-related bills before asking the public for their votes.
Translated using generative AI and edited by Korea JoongAng Daily staff.
with the Korea JoongAng Daily
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