compensation Archives | Be Korea-savvy
International Tribunal Orders Trafigura to Pay US$ 42,500,000, Plus Interest, to a Subsidiary of Southern Peaks Mining LP

International Tribunal Orders Trafigura to Pay US$ 42,500,000, Plus Interest, to a Subsidiary of Southern Peaks Mining LP

LIMA, Peru, Mar. 5, 2024 (Korea Bizwire) — Southern Peaks Mining LP is pleased to advise that an international arbitration tribunal has ordered Urion Mining International B.V. (“Urion”) to pay its subsidiary, Ariana Management Corporation, S.A.C. (“Ariana”) an amount of US$ 42,500,000, plus interest, as a result of breaches to the 14 June 2013 Sale [...]

Major Corporations Cut Board Compensation Limits Amid Economic Downturn

Major Corporations Cut Board Compensation Limits Amid Economic Downturn

SEOUL, Mar. 4 (Korea Bizwire) – As the global economy faces prolonged downturns and increasing uncertainties, several South Korean conglomerates have initiated cost-cutting measures by reducing the compensation limits for their board members.  According to filings with the Financial Supervisory Service’s Electronic Disclosure System, Samsung Electronics is set to propose a reduction in the total compensation [...]

NCSoft Announces First-Ever Cut in Director Compensation Limits Amid Dip in Profits

NCSoft Announces First-Ever Cut in Director Compensation Limits Amid Dip in Profits

SEOUL, Feb. 29 (Korea Bizwire) – In a groundbreaking move aimed at enhancing operational efficiency in the face of declining profitability, NCSoft, a leading South Korean video game developer, has announced its intention to reduce the compensation limit for its directors for the first time since the company’s inception. The decision, revealed through a notice of [...]

Jeju Island Launches Innovative Program for Environmental Preservation, Offering Compensation to Locals

Jeju Island Launches Innovative Program for Environmental Preservation, Offering Compensation to Locals

JEJU, Jan. 12 (Korea Bizwire) – Jeju Island in South Korea is set to fully implement a new program designed to compensate local residents and landowners who contribute to the preservation of the island’s natural environment.  The initiative will soon be recruiting participants, following the establishment of implementation guidelines. These guidelines include setting an hourly wage [...]

Supreme Court Again Orders Japanese Company to Compensate Korean Forced Labor Victim

Supreme Court Again Orders Japanese Company to Compensate Korean Forced Labor Victim

SEOUL, Jan. 11 (Korea Bizwire) — The Supreme Court on Thursday upheld another appellate court ruling that ordered a Japanese company to compensate the family of a late South Korean forced into wartime labor during Japan’s 1910-1945 colonial rule. The top court handed down the decision on a damages suit filed by the victim’s family [...]

SK Chief’s Wife Said to Double Divorce Compensation Demand to 2 Tln Won

SK Chief’s Wife Said to Double Divorce Compensation Demand to 2 Tln Won

SEOUL, Jan. 10 (Korea Bizwire) — Roh So-young, the estranged wife of SK Group Chairman Chey Tae-won, is said to have virtually doubled her claim for alimony and division of Chey’s wealth in their ongoing divorce appellate trial to over 2 trillion won (US$1.5 billion), judicial officials said Wednesday. Chey, who runs South Korea’s second-largest [...]

Majority of Smokers Believe Compensation Enhances Smoking Cessation Efforts

Majority of Smokers Believe Compensation Enhances Smoking Cessation Efforts

SEOUL, May 29 (Korea Bizwire) — A majority of smokers in South Korea believe that compensation aids in smoking cessation, with many expressing a preference for monetary compensation, a report showed Sunday. According to the report published by the Korean Society for Research on Nicotine and Tobacco, 69.3 percent of smokers believed that providing compensation [...]

Yongsan Ward Pays Compensation in Return for Cigarette Butts

Yongsan Ward Pays Compensation in Return for Cigarette Butts

SEOUL, Feb. 10 (Korea Bizwire) — Seoul’s central district of Yongsan will launch a compensation program for those who pick up cigarette butts tossed on the street, officials said Thursday. Under this program, the Yongsan Ward office will issue compensation depending on the weight of the cigarette butts collected. The amount of compensation is set [...]

Yongsan Ward Office to Provide Relief Payment to Foreign Victims of Itaewon Crush

Yongsan Ward Office to Provide Relief Payment to Foreign Victims of Itaewon Crush

SEOUL, Nov. 2 (Korea Bizwire) — The Yongsan Ward office began Wednesday to receive applications for disaster relief funds from families of foreign victims killed in the Itaewon crowd crush, officials said. The South Korean government is providing 20 million won (US$14,102) in relief assistance to victims, both Koreans and foreigners, of the Oct. 29 [...]