SEOUL, July 31 (Korea Bizwire) — The government on Thursday unveiled a comprehensive tax reform plan aimed at strengthening the national revenue base, which includes raising the top corporate tax rate and tightening capital gains taxation by broadening the definition of large shareholders. The reform marks the first major tax overhaul under President Lee Jae [...]
SEOUL, Oct. 23 (Korea Bizwire) – A recent survey has revealed that 60% of South Korean adults support stabilizing the national pension system to ensure future generations can receive benefits at least equal to their contributions. The poll also showed that young people, particularly those in their 20s and 30s, harbor deep skepticism about the sustainability [...]
Stephen Fry, Annie Lennox, Christiana Figueres, Forest Whitaker, David Miliband, Graça Machel, Helen Clark and Paul Polman among 100+ signatories of letter to G20 leaders LONDON, Apr. 14 (Korea Bizwire) — Eighty years on from the establishment of the International Monetary Fund and World Bank, a coalition of leading actors, politicians, artists and economists have [...]
SEOUL, Apr. 1 (Korea Bizwire) — The head of South Korea’s financial regulator on Monday urged local banks to continue improving their business practices, saying the government will continue to push for policies that encourage “change and innovation” through competition. Kim Joo-hyun, chairman of the Financial Services Commission (FSC), made the remark in a meeting [...]
SEOUL, Dec. 28 (Korea Bizwire) — The culture ministry said Thursday it will move away from one-time, small grants distributed to a wide range of artists toward more targeted and impactful support for large-scale projects over the years. The shift aims to enhance the capabilities of the art world and bolster the country’s cultural presence [...]
SEOUL, March 14 (Korea Bizwire) – President Yoon Suk Yeol instructed the government on Tuesday to review its proposed reform of the 52-hour workweek system by paying particular close attention to the opinions of young generations, his office said. Under the reform measures announced by the labor ministry last week, companies will be allowed to [...]
SEOUL, March 6 (Korea Bizwire) – The government announced a set of measures on Monday to reform the controversial 52-hour workweek system by giving more flexibility and choice in work hours. Under the system introduced in 2018, employers must limit overtime work to 12 hours per week to ensure the total number of hours worked [...]
SEOUL, June 27 (Korea Bizwire) — An envisioned police bureau under the interior ministry will be set up as early as next month, Minister Lee Sang-min said Monday, as the ministry aims to increase its control of the law enforcement agency as part of reform measures. A police reform advisory committee under the ministry earlier [...]
SEOUL, Jan. 14 (Korea Bizwire) — A recent report has called for the need to reform South Korea’s pension system as quickly as possible, given the nation’s rapid population ageing and elderly poverty problem. The Korea Economic Research Institute (KERI), the research arm of the country’s conglomerate lobby Federation of Korean Industries, said in a [...]
SEOUL, Dec. 16 (Korea Bizwire) — The defense ministry said Wednesday it will complete reducing the mandatory military service period to 18 months by next year as planned as part of a series of reform projects under way to make the military “smaller and stronger.” During a meeting on defense reform presided over by Defense [...]