Proposed Bill: Partial Amendment to the Fair Transactions in Franchise Business Act

Proposed by Rep. Kim Nam-geun (Democratic Party of Korea)

  • This bill would introduce a punitive damages system that permits courts to award damages of up to three or five times the actual loss where a person intentionally or negligently commits a serious violation of the law.

Proposed Bill: Partial Amendment to the Trade Union and Labor Relations Adjustment Act

Proposed by Rep. Lee Jin-sook (People Power Party)

  • This bill would limit the cases in which prime contractors may be recognized as employers of workers employed by subcontractors operating under lawful subcontracting arrangements with independent authority over personnel and labor management and their own organizational structure. It would also exclude matters within an employer’s managerial authorities from the scope of labor disputes, while allowing the limited use of substitute workers during strikes notwithstanding the Act’s general prohibition.

Pending Bill: Partial Amendment to the National Health Promotion Act

Proposed by Rep. Lee Soo-jin (Democratic Party of Korea)

  • This bill would impose a sugar levy on sugar-sweetened beverages based on their added sugar content.

Promulgated Bill: Banking Act

Competent Authority: Financial Services Commission

  • This promulgated bill prohibits banks from reflecting certain statutory costs — such as required reserves, deposit insurance premiums, and contributions to the Korea Inclusive Finance Agency — in the interest rate spread to calculate loan interest rates.

Administrative Announcement: Enforcement Decree of the Special Act on Strengthening and Supporting the Competitiveness of the Semiconductor Industry

Competent Authority: Ministry of Trade, Industry and Resources

  • The draft amendment would establish a comprehensive framework to strengthen the competitiveness of the semiconductor industry, including the designation and support of semiconductor clusters, infrastructure and workforce development, financial support and the establishment of a special account.

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The Korea Herald republishes a weekly legislative report by local law firm D&A LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed.

For queries about the bills, contact cr@draju.com.