Former BOK Governor Lee Chang-yong to Present First Paper After Retirement…Raises Key Issue of Working Hour Reform

"How Are We Working Now?"

"Is the Nine-to-Six Schedule Suitable for Workplaces Across Korea?"

Raising Key Questions for Working Hour Reform

Lee Chang-yong, Distinguished Professor at Seoul National University and former Governor of the Bank of Korea, is set to present his first academic paper since stepping down from his post. Having consistently emphasized the need for structural reform of the Korean economy amid a declining potential growth rate, Lee’s latest paper focuses on the “Changes in Working Hours and Methods.”

Lee Chang-yong, former Governor of the Bank of Korea, is speaking at a press conference regarding the Monetary Policy Committee's interest rate decision held in January at the Bank of Korea in Jung-gu, Seoul.

According to the Institute for Future Strategy at Seoul National University on October 2, a research paper co-authored by former Governor Lee, titled “How Should the Working Hour System Change?” will be presented at the Population Cluster Forum hosted by the Institute for Future Strategy at Seoul National University on October 6. The paper was jointly written by Lee Chang-yong, Osamil Oh, Head of the Employment Research Team at the Bank of Korea’s Research Department, Jinyoung Yoon, Manager of the Employment Research Team, and Jinsu Han, Senior Researcher of the General Research Team. The presentation will be given by Mr. Oh, and former Governor Lee will also attend to participate in the discussion and share insights related to the paper.

The paper examines current working practices and analyzes the impact of the 52-hour workweek system. It raises questions about whether the “nine-to-six” (9 a.m. to 6 p.m.) work structure and daily commuting are suitable across various industries, and seeks to explore the direction of future change.

Since his tenure as Governor of the Bank of Korea, Lee has emphasized the importance of structural reform for the Korean economy. Observing a sustained decline in the country’s potential growth rate, he has argued that comprehensive structural reform is urgently needed. During his term, he published a series of “Structural Reform Research” on a variety of issues, including low birthrate and aging population, balanced regional development, the university entrance examination system, housing finance, climate change, care services, autonomous taxis, end-of-life medical care, and continued employment for older adults. This latest paper also reflects many years of joint research and deliberation with his co-authors during his tenure.

After completing his term in April and leaving the Bank of Korea, Lee is now serving as a Distinguished Professor at Seoul National University. In August, he also gave a lecture on “Why Structural Reform?” at the Vision Declaration Ceremony of the Institute for Population and Talent at Yonsei University.

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