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S. Korea to Set Up Legal Support System for Adolescents with Inherited Debts

S. Korea to Set Up Legal Support System for Adolescents with Inherited Debts

SEOUL, Dec. 2 (Korea Bizwire) — The government plans to establish a legal support system to protect adolescents who lack legal awareness from going bankrupt due to the debts inherited from parents. The Ministry of Justice said Wednesday that it will preemptively identify teenagers who need legal advice related to inheritance and provide them with [...]

Low-income Group’s ‘Deficit Life’ Unchanged Over Past 10 Years

Low-income Group’s ‘Deficit Life’ Unchanged Over Past 10 Years

SEOUL, May 13 (Korea Bizwire) — The living conditions of low-income South Koreans have not improved over the past 10 years. Income polarization accelerated during this period as the income of the upper 20 percent increased sharply, dwarfing the marginal increase in the income of the bottom 20 percent. Statistics Korea’s household trend survey showed [...]

Finance Ministry Faces Tough Calls over Further Spending amid Pandemic

Finance Ministry Faces Tough Calls over Further Spending amid Pandemic

SEOUL, Jan. 22 (Korea Bizwire) — South Korea’s finance ministry has increasingly found itself in hot water over growing calls to dig deeper into state coffers in response to the pandemic-caused economic slump, as it is wary of the country’s ballooning debt. A row over the finance ministry’s fiscal role reignited this week after Prime [...]

Slammed by Pandemic, Small Business Owners Live Off Debt — Until They Can’t

Slammed by Pandemic, Small Business Owners Live Off Debt — Until They Can’t

SEOUL, Oct. 22 (Korea Bizwire) — The coronavirus pandemic has ravaged small businesses around the country. But nowhere in the country is the devastation more visible than in Myeongdong, the popular shopping district among foreign travelers in central Seoul. The usually bustling streets, lined with cosmetics and souvenir shops, food stands and restaurants offering menus [...]