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Pension Fund Forecast to Be Depleted Earlier Than Predicted: Sources

Pension Fund Forecast to Be Depleted Earlier Than Predicted: Sources

SEOUL, Aug. 2 (Korea Bizwire) — South Korea’s national pension could run out of money by 2056 or 2057 if current financial conditions continue, three to four years earlier than previously projected by the government, official sources said Thursday. The government conducts reviews on the financial soundness of the National Pension Service (NPS) every five [...]

Government to Forgive 480 Billion Won of Small Business Debt

Government to Forgive 480 Billion Won of Small Business Debt

SEOUL, Jul. 23 (Korea Bizwire) — The government has decided to acquire 480 billion won of debt incurred over 10 years ago by small business owners, of which most will be written off. Meanwhile, an additional 1 trillion won will be pumped into the “Make it Happen” loan program for small business owners, which was [...]

Protectionism Puts Korea Inc. in a Fix

Protectionism Puts Korea Inc. in a Fix

SEOUL, Jun. 13 (Korea Bizwire) — Escalating global protectionism, sparked by a Sino-American trade war, has put corporate Korea in a tight spot as it is feared to take a toll on exports, a key growth engine for Asia’s fourth-largest economy, industry sources said Friday. The United States and China, the world’s two largest economies, [...]

Possible Shift in S. Korean Govt’s “Northern Economic Cooperation” Policy

Possible Shift in S. Korean Govt’s “Northern Economic Cooperation” Policy

SEOUL, May 1 (Korea Bizwire) — A shift in the government’s Northern Economic Cooperation policy is expected as economic cooperation between the two Koreas seems more likely to materialize following the adoption of the Panmunjom Declaration. The Ministry of Trade, Industry and Energy has initiated internal assessments to prepare for a new age of inter-Korea [...]