SEOUL, Oct. 2 (Korea Bizwire) — The government on Wednesday unveiled additional financial support for low-income earners that include complete debt forgiveness for those who are willing but unable to repay their loans. The move comes amid sharp increases in household debts and the number of people going bankrupt. The number of people filing for [...]
SEOUL, Aug. 7 (Korea Bizwire) – In a move to strike a balance between corporate expansion and small business protection, South Korea has announced changes to regulations governing bakery chains. The new rules, set to take effect this month, will allow major bakery companies to open more stores while slightly relaxing distance restrictions from smaller, independent [...]
SEOUL, Apr. 23 (Korea Bizwire) – The proportion of young South Koreans working at small and medium-sized businesses has plummeted, statistics show, as a gaping wage divide drives talented graduates to seek jobs at the country’s major conglomerates. Government figures illustrate the stark disparities separating the working conditions at South Korea’s small enterprises from those at [...]
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 [...]