South Korea has unveiled the third batch of its economic relief package worth 9.3 trillion won ($8.49 billion) to support the country‘s small businesses and contract workers hit hard by the COVID-19 pandemic, amid growing fears of a virus resurgence and its impact on slowing down the economic recovery. Under the government plan, some 5.8 million people will benefit from the aid program. Direct cash payments will begin Jan. 11. A swift economic recovery and finding a solution to inequal

Economy Dec. 29, 2020

The number of South Korean companies that have suffered credit rating downgrades has reached its highest level since 2016 as the COVID-19 pandemic has taken a toll on their finances this year, industry data showed Monday. The debt ratings of 39 companies have been cut down by more than one of the three local credit rating agencies -- Korea Investors Service, NICE Investors Service and Korea Ratings Corporation -- as of Thursday, according to data compiled by Yonhap Infomax. In 2016, the figur

Economy Dec. 28, 2020

As the year draws to a close, many people are navigating rules made necessary by the pandemic as they try to mark the end of a challenging 2020, with restaurants closing early and colleagues working from home. Alarming new daily cases of COVID-19 have dashed hopes that the drastic changes the virus brought to the way people live, work and socialize would get back to normal by the end of this year, resulting in series of cancellation of plans for holiday get-togethers. Seven in 10 South Korean

Social Affairs Dec. 28, 2020

Around 30 percent of the COVID-19 relief funds universally handed out by the government in May were spent to boost sluggish domestic consumption, with the rest used for debt payments or savings, a state-run think tank said Wednesday. According to a report released by the Korea Development Institute, some 4 trillion won ($3.65 billion) has been spent through credit and debit cards, accounting for between 26.2 percent and 36.1 percent of an estimated 11.1 trillion to 15.3 trillion won granted by

Economy Dec. 23, 2020

Finance Minister Hong Nam-ki said Tuesday that the government will provide 460,000 housing units next year, while strengthening monitoring on manipulation attempts in the real estate market. “If the plan is implemented without any hitches, we expect it will help stabilize the market as (we are set to) supply more new homes than the average amount,” Hong said during a meeting on the real estate market with the chiefs of related ministries at the Seoul Government Complex. Over

Economy Dec. 22, 2020

Hundreds of Army and police personnel will be dispatched to break the chain of infection of the novel coronavirus, which has seen an average of more than 600 cases diagnosed each day over the past week here. Despite the government’s stronger social distancing measures implemented from earlier this week, cases have continued to grow daily with no signs of abating. Sharp upticks in new cases, which began in mid-November and centered on Seoul and surrounding areas, have drawn concerns t

Social Affairs Dec. 11, 2020

The Ministry of Justice convened a hearing Thursday to decide the level of disciplinary action against Prosecutor General Yoon Seok-youl over a series of alleged irregularities, in an unprecedented move that highlights a long-simmering conflict between the top prosecutor and Justice Minister Choo Mi-ae. Yoon absented himself from the meeting, which started at 10:30 a.m. at Gwacheon Government Complex and will determine whether he is subject to disciplinary action over allegations raised by the

Social Affairs Dec. 10, 2020

The ruling Democratic Party of Korea resolved on Wednesday to move 10 National Assembly standing committees to the administrative capital of Sejong, making its plan official in an effort to quell overpopulation in Seoul and achieve more balanced regional development. A party relocation plan steering group submitted a comprehensive report to the party’s supreme council on moving the parliament out of Seoul to Sejong. “The steering team has been working for about four months to re

Politics Dec. 9, 2020

President Moon Jae-in’s initiative to curb the immense power of state prosecutors is now at its halfway point, with related bills having cleared hurdles in the parliament. For the reform measures to really take root, prosecutors need to step up and play a greater role in driving internal and cultural changes among themselves, said Kim In-hoe, a professor at Inha University Law School in Seoul who is often dubbed the architect of Moon’s prosecution reform scheme, “Once a

Social Affairs Dec. 6, 2020

The ruling Democratic Party of Korea passed a bill that bans anti-Pyongyang leaflet campaigns, at a parliamentary committee session Wednesday. The bill is now headed for a legal review at the parliament‘s legislation committee before it reaches a final vote. The party’s members of the Foreign Affairs and Unification Committee voted on the Amendment Bill for the Development of Inter-Korean Relations Act initiated by Rep. Song Young-gil, who chairs the committee. Lawmakers of the

Politics Dec. 2, 2020

Health authorities on Tuesday vowed to guard against potential threats of the new coronavirus to ensure the safety of around 500,000 college hopefuls taking the national college entrance exam this Thursday. They also pledged to make all efforts to not allow a single test taker to miss the life-defining exam due to the virus. Even if one is diagnosed with the COVID-19 on the eve of the test date, they will still be able to sit the College Scholastic Aptitude Test, known here as Suneung. 　 &ldq

Social Affairs Dec. 1, 2020

South Korea will host the world’s largest global forum on anti-corruption this week, bringing together world leaders via virtual link to discuss international cooperation to fight corruption. Under the theme of “Designing 2030: Truth, Trust and Transparency,” the Anti-Corruption and Civil Rights Commission, the country’s anti-corruption policy control tower, will host the 19th International Anti-Corruption Conference from Tuesday to Friday at a studio located in Coex,

Social Affairs Nov. 30, 2020

Opposition parties on Friday submitted a written request for an investigation led by the National Assembly into the justice minister’s unprecedented action to suspend the top prosecutor from duty. The request was signed by 110 lawmakers -- 103 from the main opposition People Power Party, three from the minor People’s Party and four independent lawmakers. The procedural legitimacy of the disciplinary actions taken by Justice Minister Choo Mi-ae against Prosecutor General Yoon Seok

Social Affairs Nov. 27, 2020

Prosecutor General Yoon Seok-youl, on his second day of being suspended from work, filed a lawsuit against Justice Minister Choo Mi-ae on Thursday, claiming the minister’s disciplinary action is unjust and groundless. The lawsuit was filed with the Seoul Administrative Court. Yoon on Wednesday night also filed for a pretrial injunction to quash the suspension order. The move came as the Justice Ministry asked its disciplinary committee to convene Dec. 2 to deliberate on allegations level

Social Affairs Nov. 26, 2020

A day after Prosecutor General Yoon Seok-youl was suspended from duty, turmoil continued at the nation’s prosecution, including a raid of Yoon’s office Wednesday by Justice Ministry-backed prosecutors over alleged illegal surveillance of judges. Armed with a search warrant, prosecutors from the Justice Ministry’s internal investigation team raided a unit of the Supreme Prosecutors’ Office in charge of data collection. The surveillance of judges, using the unit, is one

Social Affairs Nov. 25, 2020