SEJONG, Nov. 6 (Korea Bizwire) — South Korea’s agriculture minister said Wednesday that restaurant companies should be required to inform customers when they reduce product sizes, as public anger grows over so-called “shrinkflation” — the practice of cutting portions while keeping prices the same. “It is a matter of consumers’ right to know,” Agriculture Minister Song [...]
SEOUL, Nov. 6 (Korea Bizwire) — Nearly half of running jackets tested in South Korea lost their water-repellent performance after several washes, a government consumer watchdog said Wednesday. The Korea Consumer Agency tested eight popular running jacket brands and found that four of them showed weakened water repellency after five washes. The test rated water repellency [...]
SEOUL, Nov. 6 (Korea Bizwire) — South Korea recorded about 23 billion won (US$166 million) in fraudulent unemployment benefit claims so far this year, with the government recovering only two-thirds of the amount, according to parliamentary data released Wednesday. The National Assembly Budget Office said in its 2026 budget analysis that as of August, authorities [...]
SEOUL, Nov. 6 (Korea Bizwire) — A majority of South Koreans say they do not trust the national pension system, according to a new survey released Wednesday by the Korea Employers Federation (KEF). In the poll of 1,007 adults conducted by Mono Research, 55.7 percent said they did not trust the National Pension Service, compared [...]
POHANG, Nov. 6 (Korea Bizwire) — One subcontracted worker died and three others were injured after inhaling toxic gas at POSCO’s Pohang steelworks on Wednesday morning, reviving criticism of what labor groups call South Korea’s “outsourced danger.” According to police and POSCO officials, the accident occurred around 9 a.m. at the stainless steel annealing and pickling [...]
SEOUL, Nov. 6 (Korea Bizwire) — South Korea’s National Pension Service (NPS) will overhaul its 1,200 trillion won (US$905 billion) investment governance structure to enhance the professionalism and agility of how the world’s third-largest pension fund manages its growing assets. Under the new system, the NPS will split its single Investment Committee into two separate [...]
CHANGWON, Nov. 6 (Korea Bizwire) — A South Korean court has fined a woman for verbally insulting a parking attendant, telling her that her pet dog was “more expensive” than the worker. The Changwon District Court on Wednesday ordered the woman, identified only as a woman in her 20s, to pay a fine of 1.5 [...]
SEOUL, Nov. 5 (Korea Bizwire) — South Korea’s ruling party is moving swiftly to legislate an extension of the retirement age to 65 by the end of the year, backed by the nation’s two largest labor unions. But the country’s major business groups are warning that the proposal could amplify management uncertainty and deepen structural problems [...]
SEOUL, Nov. 5 (Korea Bizwire) — South Korea’s top financial regulator vowed Wednesday to reconsider compensation standards for investors in the so-called Belgian Fund scandal if evidence of mis-selling is confirmed, as part of a broader push to strengthen consumer protection in the financial sector. Lee Chan-jin, governor of the Financial Supervisory Service (FSS), made the [...]
SEOUL, Nov. 5 (Korea Bizwire) – The number of South Koreans that remain economically inactive rose from a year earlier in 2025, amid a steady increase in the number of people who say they have no particular reason for not working, government data showed Wednesday. A total of 16.22 million individuals had remained economically inactive [...]