1. Election promises
① Pork-barrel promises for the general election
Each party has been announcing promises based on distribution rather than economic growth since February. Criticisms are mounting that policy issues have disappeared during these elections due to the political issues of determining electoral districts and conflicts surrounding candidate nominations.
The major parties are offering competing commitments for jobs and welfare benefits but changes to these promises are expected to be inevitable during legislation due to criticism that they are driven by populism.
② Promises related to the labor market and jobs
The Saenuri Party is focusing on revitalizing the economies by increasing domestic demand, while the opposition parties are focusing more on regulations such as introduction of a youth employment quota in private enterprises.
The opposition parties are promising to counter policies supporting flexibility in the labor market. The Minjoo Party wants to toughen criteria for layoffs, the People’s Party wants to restrict the use of fixed-term workers, and the Justice Party wants to abolish the use of dispatched workers.
③ Promises related to the economy and social welfare
In these areas, the Saenuri Party is focusing on shared growth between large companies and SMEs for creating a fair society, whereas the opposition parties, including the Minjoo Party, are focusing on stronger distribution systems such as introduction of a profit-sharing model.
Of particular note is that proposals from the Minjoo Party (profit-sharing model, reasonable wage model and wage distribution disclosure system) will serve to restrict the economic activities of enterprises. The Minjoo Party and the People’s Party have proposed using national pension funds to pay for welfare programs, but this remains controversial in that it will use retirement savings for political purposes.