SEOUL, Jan. 3 (Korea Bizwire) – In a major boost for South Korea’s small businesses, Coupang, one of the country’s largest online retailers, has announced a significant milestone: the number of small business owners on its platform has surpassed 210,000, with their annual transaction volume exceeding 9 trillion won. This news was highlighted in Coupang’s recently [...]
SEOUL, Jan. 3 (Korea Bizwire) – Small business owners in South Korea are grappling with a burgeoning financial crisis, compounded by the aftermath of the COVID-19 pandemic, rising interest rates, and soaring inflation. As repayment deadlines for accumulated debts loom, there’s an increasing concern over potential defaults, leading to a spike in bankruptcies among these entrepreneurs. [...]
SEOUL, Dec. 3 (Korea Bizwire) — An additional two-year grace period will be sought for small companies as the workplace safety law punishing employers for serious industrial accidents is set to expand to companies with less than 50 employees, ruling party officials said Sunday. The decision was announced by the ruling People Power Party (PPP) following a consultative meeting among officials from the presidential office, the government and the ruling party at the [...]
SEOUL, March 22 (Korea Bizwire) — Tablet PCs and smartphones purchased by small business owners to keep track of customers as part of the country’s quarantine policy have become useless following the government’s recent policy change. South Korea launched a mandatory entry log system using QR code-based registration at entertainment facilities in June 2020 to [...]
SEOUL, Feb. 28 (Korea Bizwire) — Many small business owners welcomed the government’s decision to temporarily suspend the COVID-19 vaccine pass system for multiuse facilities from March, though some citizens expressed concern over its negative impact on the quarantine efforts. The lifting of the vaccine pass mandate will affect 11 kinds of multiuse facilities, including [...]
SEOUL, Nov. 6 (Korea Bizwire) — A new report shows that the number of involuntary retirees caused by the ‘COVID-19 recession’ has been on the rise, heightening uncertainty and anxiety over life after retirement in a society where achieving retirement security is increasingly elusive among older workers. More than 70 percent of respondents over 40 [...]
SEOUL, July 15 (Korea Bizwire) — More than 750 small business owners held a drive-through rally late Wednesday night to protest the government’s strengthened COVID-19 restrictions in light of a recent flare-up of infections, organizers said. The merchants, who united under the banner of a national emergency committee for small business owners, drove around 11 [...]
SEOUL, April 22 (Korea Bizwire) — Employees at small and medium-sized enterprises (SMEs) are more vulnerable to depression and stress caused by the coronavirus pandemic, also dubbed the “corona blues,” than their counterparts at large companies, a state agency said Thursday. The Korea Workers’ Compensation and Welfare Service affiliated with the labor ministry came to [...]
SEOUL, March 12 (Korea Bizwire) – Small business owners in the capital area expressed frustration Friday after the government extended coronavirus restrictions for another two weeks, saying they could hardly remember a time when business was worse. In cities ranging from Incheon and Osan to Uijeongbu, all located in the greater Seoul area, restaurants, coffee [...]
SEJONG, Dec. 27 (Korea Bizwire) — South Korea will offer relief grants of up to 3 million won (US$2,700) for small business owners hit by the new coronavirus outbreak, ruling party and government officials said Sunday. The decision on the country’s third round of emergency relief package was reached during a high-level policy discussion between [...]