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One-third of SMEs Say Unlikely to Survive for Over 1 Year amid Virus

One-third of SMEs Say Unlikely to Survive for Over 1 Year amid Virus

SEOUL, Sept. 22 (Korea Bizwire) — Nearly 3 in 10 smaller companies in South Korea think they may not stay afloat for one year or longer due to the impact of the prolonged coronavirus impact, a poll showed Tuesday. The survey of 50 small and medium-sized enterprises (SMEs), taken by the Federation of Korean Industries, [...]

Gov’t Chooses Site for “Korean Silicon Valley”

Gov’t Chooses Site for “Korean Silicon Valley”

INCHEON, Jul. 12 (Korea Bizwire) — The Korean version of Silicon Valley will be created in Incheon. The Ministry of SMEs and Startups said Thursday that Tomorrow City complex in Incheon’s Songdo District, has been selected as the result of a public offering by local governments nationwide. To this end, the “2019 Start-up Park Creation [...]

Small Businesses Introduce Work-Life Balance Policies for Employees

Small Businesses Introduce Work-Life Balance Policies for Employees

SEOUL, Jun. 3 (Korea Bizwire) — The culture of so-called ‘work and life balance’ is spreading throughout small and medium sized firms in South Korea through various policies including a four-day workweek and special leaves of absence offered between national holidays. Small and medium-sized companies are beginning to offer various welfare incentives, pointed a major [...]

SMEs Say Paying Half of National Pension Dues for Foreign Workers is Unreasonable

SMEs Say Paying Half of National Pension Dues for Foreign Workers is Unreasonable

SEOUL, Nov. 29 (Korea Bizwire) — Small to mid-sized firms are asking the government to modify pension requirements, arguing that paying half of the national pension dues for foreign workers with E-9 visas is unreasonable. The Korea Federation of SMEs (KBIZ) sent a letter to the Ministry of Health and Welfare on Wednesday asking the [...]

S. Korea Seeks to Cut Card Fees for Smaller Businesses

S. Korea Seeks to Cut Card Fees for Smaller Businesses

SEOUL, Nov. 26 (Korea Bizwire) — Officials from the government and the ruling Democratic Party (DP) agreed Monday to cut card commission rates for smaller business owners to help them tide over economic difficulties. The move came as small businesses are feeling the pinch the most amid the economic downturn and the government’s hikes in [...]

Six in 10 S. Korean Venture Companies Willing to Invest in N. Korea: Poll

Six in 10 S. Korean Venture Companies Willing to Invest in N. Korea: Poll

SEOUL, Oct. 23 (Korea Bizwire) — Six out of 10 South Korean venture companies with overseas operations are willing to invest in North Korea if inter-Korean economic cooperation is revitalized, according to a poll released Tuesday. In the survey of 267 venture companies by the Small and Medium Business Corporation, over 60 percent reacted positively [...]

Interchange Fees Stifling Small Business

Interchange Fees Stifling Small Business

SEOUL, Oct. 5 (Korea Bizwire) — Merchants in North Jeolla Province are struggling under the burden of interchange fees, according to a recent survey conducted by the Korean Confederation of Trade Unions (KCTU). Queried on the business expense that needs to be addressed most urgently, 59.3 percent of the respondents chose interchange fees. That is [...]

New Policy Mandates Harsh Penalties for Technology Theft from SMEs

New Policy Mandates Harsh Penalties for Technology Theft from SMEs

SEOUL, Sept. 6 (Korea Bizwire) — A new measure that would punish large corporations or public institutions for stealing technology owned by small and mid-sized companies is being pushed forth by the government. According to the proposed policy, organizations would have to pay 10 times the estimated value of the technology if found to have [...]

Gov’t Launches New Fund to Invest in Startups

Gov’t Launches New Fund to Invest in Startups

SEOUL, Sept. 3 (Korea Bizwire) — The government on Monday launched a 3 trillion-won (US$2.7 billion) fund to invest in promising startups as it seeks to promote innovation-led economic growth. The government has unveiled a set of support measures to boost innovative growth by providing funding and other incentives to eight key sectors, such as [...]