compensation Archives | Be Korea-savvy
Gov’t Takes Steps to Compensate Coronavirus-hit Medical Institutions and Drug Stores

Gov’t Takes Steps to Compensate Coronavirus-hit Medical Institutions and Drug Stores

SEOUL, July 28 (Korea Bizwire) — The government has launched a new initiative to offer compensation to the businesses that suffered losses after being forced to shut down for prevention and disinfection of the coronavirus. The type of businesses that are eligible for government compensation include medical institutions, drug stores and general stores. The Ministry [...]

SK E&C Reaches Compensation Deal with Laos over Deadly Dam Collapse

SK E&C Reaches Compensation Deal with Laos over Deadly Dam Collapse

SEOUL, July 9 (Korea Bizwire) — SK Engineering & Construction Co. said Thursday that it has reached a deal with authorities in Laos to compensate victims of a deadly hydroelectric dam collapse in the Southeast Asian country. The Xe-Pian Xe-Namnoy Power Co., a joint venture involving the South Korean builder, inked the deal with the [...]

Watchdog Recommends Highest Level of Compensation over Derivative Misselling Fiasco

Watchdog Recommends Highest Level of Compensation over Derivative Misselling Fiasco

SEOUL, Dec. 5 (Korea Bizwire) — South Korea’s financial watchdog said Thursday that two local banks should provide compensation for up to 80 percent of their customers’ losses from a recent misselling of derivatives linked to overseas interest rates. The arbitration committee of the Financial Supervisory Service recommended the compensation rate of 40-80 percent to [...]

Owners of Troubled Big Firms under Fire for High Pay

Owners of Troubled Big Firms under Fire for High Pay

SEOUL, Aug. 18 (Korea Bizwire) – Owners of several large companies in South Korea received handsome compensation in the first half of the year despite corporate troubles, data showed Thursday, sparking criticism over their high pay.  According to the data compiled by market researcher Chaebul.com, 237 executives of local companies received 500 million won (US$452,000) [...]

Oxy Reckitt Benckiser Criticized for Double Standard in Treatment of Toxic Sterilizer Victims

Oxy Reckitt Benckiser Criticized for Double Standard in Treatment of Toxic Sterilizer Victims

SEOUL, Aug. 9 (Korea Bizwire) – Oxy Reckitt Benckiser (RB) may have finalized its toxic humidifier sterilizer compensation plan, but victims and their families are still not convinced. Instead, they’re criticizing the company for applying a double standard to the compensatory measures.  “Oxy RB is the biggest aggressor in the toxic sterilizer tragedy. It concealed [...]

Volkswagen Not Responding to Compensation Demands in S. Korea

Volkswagen Not Responding to Compensation Demands in S. Korea

SEOUL, Nov. 24 (Korea Bizwire) – German auto giant Volkswagen is not responding to South Korean customers demanding the same kind of compensation as granted in North America for fabricating emission results of some of its vehicles, their legal representatives said Tuesday. Barun, which spearheads a class-action lawsuit against Volkswagen and its luxury brand Audi [...]

Accidents Caused by Foreigners on the Rise, but No Compensation for Victims

Accidents Caused by Foreigners on the Rise, but No Compensation for Victims

SUWON, Nov.10 (Korea Bizwire) – The number of accidents caused by foreigners driving without a valid driver’s license has been increasing rapidly. However, since there is no way for Koreans to receive compensation when a foreign driver without a license causes an accident, there is increasing pressure for legal countermeasures to be introduced. According to [...]