SEJONG, Jan. 18 (Korea Bizwire) – South Korea’s finance ministry said Sunday it will streamline the country’s public sector by eliminating overlapping operations and expand merit-based payment to encourage healthy competition. The measures are part of the Park Geun-hye administration’s second-phase normalization plan for the public sector. Policymakers take credit for reducing debts by 24.4 [...]
SEOUL, May 20 (Korea Bizwire) – As financial frauds increase and personal information is frequently infringed due to phishing and hacking, a local bank launched a new bank account capitalizing on the people’s “worry” on the issue. KB Kookmin Bank began selling the “KB Feel-at-home Bank Account” offering compensation insurance for damages from those financial [...]
SEOUL, May 17 (Korea Bizwire) – Shin Jong-kyun, president of Samsung Electronics’ IT & mobile division, has made 9,664 million won in income during the three-month period in the first quarter of this year, becoming the highest-earning executive in Korea for the quarter. According to the first-quarter report submitted by the company to the Financial [...]
SEOUL, Korea, April 30, 2014 (Korea Bizwire) – A study shows that “wageless growth,” which is an economic phenomenon in which real wage goes down while labor productivity is increased, was most prominent in Korea among major developed economies. According to a research report published by the Korea Institute of Finance “International Comparison on Wageless [...]
SEOUL, Korea, Mar 10, 2014 (Korea Bizwire) – Under a severe downturn for years, the securities industry is now experiencing an internal discord between the management and the union over the issue of downsizing. According to disclosure data, the total number of employees in the securities industry as of last year was 40,243, down 5.97 [...]