The Economic, Social and Labor Council (formerly named "Economic and Social Development Commission) as a presidential advisory body was established in January 1998 for the purpose of overcoming the economic crisis in late 1997. The Act on Establishment and Operation of the Korea Tripartite Commission (Legislation No. 5990) was enacted and promulgated in March 1998. In January 2007, the Act on the Korea Tripartite Commission was amended and promulgated with the Act on the Economic and Social Development Commission (Legislation No. 8297). In June 2018, the Act on the Economic and Social Development Commission was amended and promulgated with the Act on the Economic, Social and Labor Council (Legislation No. 15663).

     The Economic, Social and Labor Council(ESLC) is a social dialogue body that labor, management, government and public interest groups participate and make consultation for labor, industrial, economic and social policies. The ESLC aims at realizing the labor and management participation in the formulation of government policies.