DPK Chairman Wants Companies to Distribute Their Profits to People Struggling Because of COVID

It looks like the DPK is testing the waters to implement some of their socialist ideas:

Debates 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. 

Although 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 grow amid the prolonged pandemic.

“In Europe, those who are prosperous in the pandemic are called economic winners from the COVID-19 crisis and are required to fulfill their social responsibility,” Lee said during Monday’s party meeting. 

“Now we need to discuss various ways for profit-making companies to help those plagued by the coronavirus.”

Korea Times

You can read more at the link, but I thought that was the job of the government to help those struggling because of the coronavirus? Additionally if a company is profitable during the pandemic it is likely the vast majority of their employees are working. If business owners want to give out increased bonuses because of the pandemic that should be their own decision.

The government should be helping the small businesses that are shutdown or at reduced operations because of the pandemic. If they need more funds to do that then that is what the power to tax is for. It just seems like the DPK just doesn’t want to make a case for raising taxes and instead pressure these companies to give up their profits instead.