Back To Top
Finance

Industrial accidents cause economic losses of W30tr in 2020: data

This computer-generated image, provided by Yonhap News TV, depicts industrial accidents. (Yonhap
This computer-generated image, provided by Yonhap News TV, depicts industrial accidents. (Yonhap
Industrial accidents at workplaces caused an estimated loss of nearly 30 trillion won ($25.6 billion) last year, data showed Sunday, with the country seeking to impose heavy punishment on employers in the event of workplace disasters starting next year.

The losses caused by industrial accidents were estimated at 29 trillion won in 2020, up 8.5 percent from a year earlier, according to the data compiled by the Ministry of Employment and Labor.

The total number of deaths from industrial accidents came to 474 over the January-June period of 2021, up four from a year earlier, the data also showed.

South Korea plans to implement the so-called severe disaster law in January next year, under which owners or CEOs of businesses that have experienced industrial disasters can be sentenced to prison or receive a large fine.

Employers may face at least one year in prison or up to 1 billion won in fines in the event of deadly on-duty disasters caused by lax workplace safety measures. (Yonhap)

MOST POPULAR