Controversy rises over 'profit sharing' idea
By Kang Seung-wooDebates are rising over ruling Democratic Party of Korea (DPK) chief Lee Nak-yon's proposal for a profit-sharing scheme aimed at encouraging profitable companies to distribute their earnings to those hit hard by the COVID-19 pandemic. Democratic Party of Korea (DPK) Chairman Rep. Lee Nak-yon attends the party's Supreme Council meeting at the National Assembly in Seoul, Monday. / YonhapAlthough the ruling side is stressing that it will not twist anyone's arm and will instead offer various incentives, such as corporate tax breaks, to those voluntarily adopting the scheme, the opposition is critical of the idea, claiming that it goes against market economy principles. Plus, business owners are also skeptical of the proposal, saying there are no clear criteria on which companies are profitable. There is speculation that tech companies such as Samsung Electronics and LG Electronics, the nation's top mobile messenger operator Kakao Corp., and Woowa Brothers, the operator of delivery app Baedal Minjok, would be subject to the scheme, as the companies have seen their sales g
Jan 12, 2021By Kang Seung-woo