South Korea Labor Ministry Delays Forum on Sharing Large Companies' Excess Profits

South Korea's Ministry of Employment and Labor said it will postpone a forum scheduled for June 1 on sharing excess profits at large companies.

The ministry said on May 28 that it is readjusting the timing and other details to gather a wider range of views.

It added that an outline of the forum, including a new date, will be announced once finalized.

Labor Minister Kim Young-hoon told reporters at a tea meeting on May 27 that he would convene an emergency forum, saying social dialogue was the only solution for deciding how large companies' excess profits should be distributed socially.

The proposal drew criticism from some quarters that the government was trying to force large companies to share profits.

The ministry rejected that claim in an explanatory statement, saying such criticism was entirely at odds with the purpose and intent of the social dialogue proposed by the government.

It said labor, management and government would use the forum as a starting point to work together on narrowing widening gaps among workers and building a society that grows together through cooperation between prime contractors and subcontractors.

Kim also wrote on Facebook that claims the government would take away large companies' profits and redistribute them were speculative. He added that the government has no authority to forcibly intervene in companies' legitimate profits.

Kim Su-young, Hankyung.com reporter swimmingk@hankyung.com