SEOUL, Aug. 13 (Korea Bizwire) — South Korea said Friday it plans to invest 186.5 billion won (US$160 million) to develop technologies for sensors which are widely used in sectors ranging from automobiles to mobile devices. The country will allocate the funds to local universities and businesses starting next year through 2028, according to the [...]
SEOUL, Aug. 5 (Korea Bizwire) — The Ministry of Employment and Labor on Thursday published an official notice of next year’s minimum hourly wage of 9,160 won (US$8.00). The Minimum Wage Commission, a tripartite panel composed of representatives of labor, business and the general public, set the rate on July 12 in a 5.1 percent [...]
SEOUL, July 29 (Korea Bizwire) — The government has revised the weighted value of renewable energy certificates (RECs) upward significantly as part of efforts to speed up the prevalence of offshore wind energy. According to the revision that the Ministry of Trade, Industry and Energy implemented from Wednesday, the basic weighted value for offshore wind [...]
SEOUL, July 16 (Korea Bizwire) — In response to the spike in electricity demand during the summer season, electric engineers across the country will take the initiative in saving electricity and conducting safety checkups for facilities. The Ministry of Trade, Industry and Energy said Thursday that under a partnership with the Korea Electric Engineers Association, [...]
SEOUL, July 15 (Korea Bizwire) — South Korea’s ICT ministry said Thursday the country plans to invest nearly 30 billion won (US$26.2 million) over the next three years to research digital treatment for depression in a move to find new ways to help the growing number of people suffering from the mental disorder. The number [...]
SEOUL, July 13 (Korea Bizwire) — The Moon Jae-in administration is set to end its term having failed to deliver on its promise to raise the minimum hourly wage to 10,000 won (US$8.74) due to strong pushback from businesses and the unprecedented challenges posed by the COVID-19 pandemic. The Minimum Wage Commission, a tripartite panel [...]
SEOUL, July 11 (Korea Bizwire) — The inclination against having babies and raising a family, particularly stronger among South Koreans, has turned out to be a trend that apparently not even money can solve. South Korea’s total fertility rate hit a record low of 0.92 in 2019, way below the 1.63 average of members of [...]
SEJONG, July 8 (Korea Bizwire) – South Korea said Thursday it will increase investment to develop the next-generation battery technology, expand its manufacturing base and secure supply chains as it seeks to foster the rechargeable battery industry as the next growth driver. The Ministry of Trade, Industry and Energy unveiled the so-called K-battery blueprint to [...]
SEOUL, July 1 (Korea Bizwire) — The National Assembly cleared the way for the government to pay compensation in cases when injury or a loss of life occurs due to road debris or objects falling from cars. In addition, for accidents caused by drunk, unlicensed or hit-and-run drivers, insurance companies are now allowed to exercise [...]
SEOUL, June 30 (Korea Bizwire) — The government plans to set up a series of centers to facilitate the systematic collection and storage of depleted electric vehicle (EV) batteries as well as to supply them more effectively to the private sector. The Ministry of Environment announced that a partial revision of the enforcement ordinance of [...]