President Yoon Suk-yeol's press conference is broadcast live on televisions at a vegetable store in a traditional market in Seoul, Wednesday. The economy was one of the topics he addressed as he marked his first 100 days in office. Yonhap

By Yi Whan-woo

President Yoon Suk-yeol said Wednesday he will revamp Korea's labor law to cope with rapid changes in the era of the Fourth Industrial Revolution, stressing that such reforms are also critical in meeting global standards as well as a market-driven economy pursued by his government.

"The course of the industry is rapidly changing while the labor law can be said to be stuck in the era of the Second Industrial Revolution," Yoon said during a press conference to mark the 100th day since his inauguration in May. "Our nation will lose competitiveness in the labor sector if it does not cope with the industry's demand in a flexible manner, and therefore, I think the labor law should be changed in line with the Fourth Industrial Revolution."

Yoon admitted his vision for labor reform could trigger conflict in the society, noting a similar case was witnessed in Germany when the Social Democratic Party of Germany was in power.

He still said the German labor reform turned out to be "meaningful" for the nation in the long term.

"Taking such a historical fact into account, I will approach the related issues as something to be dealt with together among the government, parliament and the civil society," he added.