SEOUL, Jun. 25 (Korea Bizwire) — The financial regulator said Tuesday that the planned implementation of stricter rules on household loans will be postponed until the start of September amid various risk factors facing the financial market. The country was originally set to implement a second phase formula for floating rate stress debt service ratio [...]
SEOUL, Jun. 21 (Korea Bizwire) – The ongoing economic struggles faced by many South Korean households due to high interest rates and inflation have led to a surge in credit card debt, surpassing 40 trillion won last month. Additionally, the use of “balance transfer” loans, which allow borrowers to consolidate debt from one credit card to [...]
SEOUL, June 16 (Korea Bizwire) – Household loans extended by five major lenders in South Korea have risen more than 2.1 trillion won (US$1.5 billion) so far this month, industry data showed Sunday. Outstanding household loans extended by the five top lenders reached 705.4 trillion won as of June 13, compared with 703.2 trillion won [...]
SEOUL, May 29 (Korea Bizwire) – The use of so-called will testamentary trusts is rapidly gaining popularity in South Korea as more people seek ways to manage their inheritance and prevent conflicts among family members after their death. According to data from South Korean banks, the balance of will testamentary trusts held by the nation’s five [...]
SEOUL, May 21 (Korea Bizwire) – As the South Korean public continues to grapple with high interest rates and soaring consumer prices, credit card loan balances reached an all-time high last month, reflecting the mounting financial strain on ordinary citizens. According to data released on May 20 by the Credit Finance Association, the combined credit card [...]
SEOUL, May 6 (Korea Bizwire) – A special loan program in South Korea offering rock-bottom interest rates for newlywed couples and new parents has drawn more than 5 trillion won in applications just three months since its launch, data showed on May 5. The “New Baby” loan program, introduced on January 29 by the Ministry [...]
SEOUL, Apr. 8 (Korea Bizwire) – As South Korea’s economy continues its transition toward a service-based model, a handful of industries like finance, health care and real estate have emerged as consistent drivers of expansion over the past decade, government data has revealed. Statistics Korea reported on April 5 that the nation’s service sector output increased [...]
SEOUL, Mar. 17 (Korea Bizwire) – A fresh analysis reveals that wages in South Korea now surpass those in Japan across both major corporations and smaller enterprises, marking a significant shift over the past two decades. The Korea Enterprises Federation (KEF) unveiled a comprehensive report titled “International Comparison and Implications of Korea-Japan Wage Trends” on Sunday, [...]
SEOUL, Mar. 5 (Korea Bizwire) –The South Korean government and financial institutions have initiated a campaign to assist employees in reclaiming unclaimed retirement pensions, which have accumulated to more than 110 billion won due to workers not claiming them. As of the end of last year, the Ministry of Employment and Labor reported that unclaimed [...]
SEOUL, Mar. 4 (Korea Bizwire) – As predictions of declining real estate values gain momentum, the scale of reverse mortgage guarantees in South Korea is set to hit an all-time high this year, signaling an increased adoption among homeowners. Reverse mortgages, available to individuals over 55, allow homeowners to secure a loan against their property to [...]