[THE INVESTOR] South Korea’s prime minister on Aug. 11 vowed to make “all-out” efforts to secure parliamentary approval for a set of pending labor reform bills.

Presiding over a national policy coordination meeting, Prime Minister Hwang Kyo-ahn highlighted the importance of the bills to create jobs for young people and reinvigorate the country’s economy.

“It is regrettable that the passage of the bills for creating jobs and for other purposes is being delayed,” Hwang said during the gathering in Seoul.

“With our firm resolve, (our government) will make all-out efforts to promptly secure parliamentary endorsement for the bills at the 20th National Assembly.”

The set of bills have been at the core of government efforts to tackle youth unemployment and prop up economic growth. But critics have argued that the bills would undermine the quality of employment and “polarize” the labor markets.

Commenting on the corporate revitalization act that will be enforced from Aug. 13, Hwang said that the government would step up its efforts to “innovate” the manufacturing sector and nurture new energy industries through deregulation and investments in research and development.

(theinvestor@heraldcorp.com)