SEOUL, March 12 (Korea Bizwire) — South Korea plans to replace its decades-old estate tax system with an inheritance tax, easing tax burdens on beneficiaries in an effort to ensure tax fairness and align with global standards, the finance ministry said Wednesday. South Korea currently imposes an estate tax, which is levied on the net [...]
SEJONG, March 12 (Korea Bizwire) — While South Korean lawmakers from both ruling and opposition parties have agreed to eliminate inheritance taxes between spouses, a new analysis reveals that the tax benefits would primarily affect those with assets exceeding 7 billion won. According to an analysis by real estate tax calculation service Sellymmon, commissioned by Yonhap [...]
SEOUL, March 11 (Korea Bizwire) – Industry and labor ministers on Tuesday called for an exemption of researchers in the semiconductor industry from South Korea’s 52-hour workweek system that prevents them from working extended hours even when needed. The government has been calling for a revision to the system to allow such workers to put [...]
SEOUL, March 11 (Korea Bizwire) — As South Korea’s revised tax law imposes income tax on employee discounts starting in 2025, major corporations are stepping in to offset the financial impact on their workers. Samsung Electronics announced on March 10 through its internal Family Net platform that the company plans to cover the tax burden [...]
SEOUL, March 7 (Korea Bizwire) — The Seoul Metropolitan Government announced on March 6 that it will become the first city in South Korea to provide maternity leave benefits to single-person business owners and freelancers, with applications opening March 11. The groundbreaking initiative is part of the city’s “Birth Support Seoul Project,” aimed at addressing the [...]
SEOUL, March 6 (Korea Bizwire) — In an effort to prevent lonely deaths among socially isolated individuals, South Korea’s Ministry of Health and Welfare has introduced a comprehensive manual for nationwide “Neighbor Connection Teams,” the ministry announced on March 5. The initiative, officially named through a public contest last December, establishes networks of local residents who [...]
SEOUL, March 5 (Korea Bizwire) — As countries worldwide adjust their immigration policies, South Korea’s permanent residency system is drawing increased interest, particularly as the nation seeks to attract skilled foreign workers amid demographic challenges. While the United States recently made headlines with a proposal to sell permanent residency for $5 million, South Korea’s own system [...]
SEOUL, March 5 (Korea Bizwire) — In a strategic move to attract top foreign talent in advanced industries, South Korea has introduced a new visa program aimed at highly skilled professionals. The government announced the initiative on Wednesday following the 30th Foreign Policy Committee meeting, presided over by Acting President and Deputy Prime Minister Choi Sang-mok. [...]
SEOUL, March 5 (Korea Bizwire) — South Korea’s Presidential Committee on Aging Society and Population Policy announced on March 4 that it will begin formal discussions this month to develop its fifth basic plan (2026-2030) for addressing the nation’s declining birthrate and aging population challenges. The announcement follows the committee’s ninth emergency population meeting, held virtually [...]
SEOUL, March 5 (Korea Bizwire) — Trial operations of self-driving freight trucks can now be conducted on all highways in South Korea, which could lead to the start of long-haul autonomous commercial logistics services nationwide in the future, the government said Wednesday. The Ministry of Land, Infrastructure and Transport said it has expanded the country’s [...]