[Bills in Focus] Flexible work hours for high-tech, fairness in network fees

Proposed Bill: Partial Amendment to the Labor Standards Act Proposed by Rep. Ko Dong-jin (People Power Party) ● To enhance the competitiveness of Korea’s national high-tech strategic industries, this bill aims to exempt the R&D sector in industries such as semiconductors, displays, biotechnology and secondary batteries from the current weekly cap of 52 work hours. Rep. Ko, a former CEO of Samsung Electronics, emphasized that flexibility in working hours is essential for boosting produc

Nov. 18, 2024

Aligning retirement with pension eligibility, enhancing urban growth

Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Kim Jae-sub (People Power Party) ● This amendment expands the Act‘s regulatory scope to cover distribution systems involving atypical securities, paving the way for innovative solutions in

Nov. 11, 2024

Strengthening workplace safety, minority shareholders

Proposed Bill: Partial Amendment to the Act on the Collection of Insurance Premiums for Employment Insurance and Industrial Accident Compensation Insurance Proposed by Rep. Cho Ji-yeon (People Power Party) ● In response to the tragic fire at a lithium battery factory in Hwaseong, Gyeonggi Province,

Nov. 5, 2024

[Legal updates in Korea] Preventing repeat DUI offenses

● Updated law: Road Traffic Act What it does: Requires repeat drunk driving offenders to install car breathalyzers or in-car alcohol monitoring systems Took effect: Oct. 25 Punishment: Imprisonment up to 1 year or a fine up to 3 million won, driver's license revoked for failure to use the devices. South Korea has been making decisive moves in recent years to prevent drunk driving accidents and fatalities. Many celebrities and politicians have made headlines after being charged with drivin

Nov. 4, 2024

Aircraft tariffs exemption, national pension reform

Proposed Bill: Partial Amendment to the Customs Act Proposed by Rep. Park Soo-young (People Power Party) ● Proposed by Rep. Park, this bill aims to extend tariff exemptions on imported aircraft parts until the end of 2029 to alleviate costs in aircraft manufacturing and maintenance, which rely heavi

Oct. 28, 2024

Addressing smartphone addiction, strengthening cooperative finances

Proposed Bill: Partial Amendment to the Act of Corporate Governance of Financial Companies Proposed by Rep. Lee Jung-mun (Democratic Party of Korea) ● In response to recent financial incidents such as the misselling of funds and large-scale embezzlements, this amendment is part of ongoing efforts to

Oct. 21, 2024

Protecting small retailers, boosting recycling

Proposed Bill: Partial Amendment to the Income Tax Act Proposed by Rep. Lim Kwang-hyun (Democratic Party of Korea) ● To prevent a contraction in the domestic stock market with the implementation of the financial investment income tax in 2025, this amendment proposes increasing the basic deduction fo

Oct. 7, 2024

Real estate finance reform, industrial tech protection

Proposed bill: Real Estate Development Project Management Act Proposed by Rep. Kwon Young-jin (People Power Party) and Rep. Son Myoung-soo (Democratic Party of Korea) ● In the domestic market, real estate project financing is characterized by a low capital adequacy ratio and heavy reliance on third-

Sept. 30, 2024

[Legal updates in Korea] How 'car camping' could now get you fined

● Updated law: Parking Lot Act What it does: Prohibits camping, cooking and lighting fires in public parking lots Took effect: Sept. 20 Punishment: Fine up to 500,000 won ($379.33) In recent years, “chabak,” or the trend of camping in one's car, has become a major trend in South Korea. While it has provided travelers with the benefits of convenient and flexible camping compared to pitching and sleeping in a tent, it has also contributed to a surge in fire hazards. Recent actio

Sept. 29, 2024

Strengthening consumer rights, taxing carbon emissions

Proposed bill: Partial amendment to the Product Liability Act Proposed by Rep. Joo Ho-young (People Power Party) ● Consumers often find it challenging to prove that damages were caused by a product defect due to the information asymmetry between manufacturers and consumers. This amendment proposes t

Sept. 23, 2024

Streamlining construction, promoting ESG compliance

Proposed Bill: Act on Special Cases Concerning the Promotion of Reconstruction and Redevelopment Projects Proposed by Rep. Kim Eun-hye (People Power Party) ● Rising construction costs and complex authorization procedures have caused delays in housing provision. To accelerate the completion of recons

Sept. 18, 2024

Breaking app market monopoly, strengthening AI content rules

Proposed Bill: Partial Amendment to the Telecommunications Business Act Proposed by Rep. Lee Jeong-heon (Democratic Party of Korea) ● To regulate app market monopolization and ensure the consumers’ right to choice, this amendment requires market-dominant app store operators, such as Google and Apple

Sept. 17, 2024

Disclosure of EV battery manufacturer info, national power grid expansion

Proposed Bill: Partial Amendment to the Commercial Act Proposed by Rep. Park Sang-hyuk (Democratic Party of Korea) ● Although corporate directors have a duty of loyalty toward their company, they have no legal obligations toward their shareholders. Therefore, to protect shareholders from the decisio

Sept. 2, 2024

Shareholder rights, e-commerce safeguards

Proposed Bill: Partial Amendment to the Commercial Act Proposed by Rep. Kim Hyun-jung (Democratic Party of Korea) ● Although corporate directors have a duty of loyalty towards their company, they have no obligations toward their shareholders. Therefore, to protect shareholders from the decisions of

Aug. 19, 2024

Bank branch closure notice, ‘dark patterns’ regulation

Proposed Bill: Partial Amendment to the Banking Act Proposed by Rep. Park Hong-bae (Democratic Party of Korea) ● As financial services move to online platforms, many banks have been closing their offline branches. This bill aims to prevent user inconvenience of digitally vulnerable people by mandati

Aug. 12, 2024