REPRESENTATIVES GATHER OVER COVID-19

[Anchor Lead]

With the coronavirus epidemic causing concerns about economic recession and financial turmoil, members of the government and business community as well as consumers discussed measures to address the situation at a meeting held at the presidential office. President Moon Jae-in asked for the private sector's cooperation and help in overcoming the crisis. Labor and management both agreed on the need for concerted efforts. However, they showed differences on how the nation can overcome the hardship. here's more

[Pkg]

Representatives of labor, management, the government and consumer groups gathered at the presidential office. President Moon Jae-in began the meeting by saying that the nation is facing a grave situation.

[Soundbite] PRES. MOON JAE-IN : "The epidemic has caused a dual crisis in the real economy and in the financial sector. This situation could persist, as the entire world has been hit by the pandemic."

Moon asked the participants to contribute their ideas on how to overcome the crisis. The president also urged cooperation from the private sector and vowed to continue to take proactive and bold measures to deal with the coronavirus epidemic and ensuing challenges.

[Soundbite] PRES. MOON JAE-IN : "The government's efforts alone are not enough. I sincerely ask you, as the key players in the nation's economy, to take the lead in overcoming this crisis through solidarity and cooperation."

The participants agreed on the need to work together to overcome the crisis. However, they showed differences on how to make that happen. Management proposed extended working hours and lower corporate tax as a way to help businesses that have been affected by the outbreak. Labor, for its part, promised to postpone rallies and engage in dialogue while also urging large corporations to share the pain. As for disaster relief funds, management said that it's better to boost consumption rather than giving out cash to individuals directly. Labor proposed paying a monthly subsidy of one million won to every citizen. During luncheon with the chiefs of two umbrella union groups, President Moon requested the Korean Confederation of Trade Unions to participate in the Economic, Social and Labor Council for at least three months. However, Chairman Kim Myung-hwan said his confederation is willing to participate in an emergency economic meeting presided over by the president.