Should chip tax bonanza be shared with workers, society?

Korea’s debate over how to share the spoils of a historic semiconductor boom is intensifying, with the government claiming the need for a new mechanism to share unexpected gains from chipmakers — including tax revenues and excess profits — even as business and labor clash over how far the state should reach into corporate earnings. Several top policymakers, including President Lee Jae Myung himself, have recently suggested a national-level — or even international — debate on how to use excess corporate gains, as part of efforts to narrow the pay gap between large and small firms. At the International Labour Organization conference in Geneva last Wednesday, Labor Minister Kim Young-hoon said that gains from the chip boom driven by artificial intelligence (AI) demand should serve as many as possible. “The benefits of AI should not be concentrated only in a few countries and companies, but should also translate into new opportunities for all nations and workers,” he said. Those gains are the result of a semiconductor boom that has sent profits soaring at Samsung Electronics an