South Korea plans to reduce working hours

South Korean President Lee Jae-myung has proposed a new initiative aimed at increasing the birth rate in the country. This was reported by Zamin.uz.

According to him, creating a stable balance between work and personal life for young people is the most important factor in overcoming the demographic crisis. The Bild publication provided information about this initiative.

The president cited a study titled “Long working hours hinder young people from balancing their careers and family life” as an example. The study noted that South Koreans work an average of 1,874 hours per year, which is 130 hours higher than the average of the Organisation for Economic Co-operation and Development.

For this reason, the government plans to reduce working hours from 40 to 36 hours per week by 2030, and later introduce a four-day workweek. Importantly, wages will not change.

Trade unions have supported this initiative, considering it the only effective measure to increase the birth rate. However, some representatives from the business sector emphasize that this change may negatively impact economic growth.

For reference, South Korea is one of the countries with the lowest birth rates in the world. Currently, the average number of children per woman is 0.75.

Therefore, the new reforms are expected to play an important role in ensuring the country's demographic stability.