SEOUL, Dec. 27 (Korea Bizwire) — The government will invest 1.5 trillion won (US$1.16 billion) to ensure industrial safety for small companies with fewer than 50 employees, officials said Wednesday. The plan was announced as the government and the ruling People Power Party are seeking an additional two-year grace period for such small firms from [...]
SEOUL, Dec. 30 (Korea Bizwire) — The government will give a one-year grace period to small businesses with five to 49 employees for a mandatory 52-hour workweek system to relieve a worsening workforce shortage they are facing, the labor minister said Friday. The move comes after such small firms will no longer be able to [...]
SEOUL, Dec. 27 (Korea Bizwire) — The number of small companies in South Korea edged down 0.1 percent in 2021 from a year earlier amid the prolonged COVID-19 pandemic, data showed Tuesday. The number of small businesses reached 4.11 million in 2021, down 10,000 from a year earlier, according to the data compiled by Statistics [...]
SEOUL, Aug. 8 (Korea Bizwire) — South Korea’s financial regulator said Monday state-run policy lenders plan to increase loans with low and fixed interest rates to small firms to help ease their financial burdens caused by high inflation and rising borrowing costs. The Financial Services Commission (FSC) said in a policy briefing to President Yoon [...]
SEJONG, Dec. 28 (Korea Bizwire) – The number of small companies in South Korea expanded nearly 5 percent in 2020 from a year earlier despite the pandemic, but their profit fell sharply, government data showed Tuesday. The country had 2,902,000 companies with fewer than five workers as of the end of 2020, up 4.7 percent [...]
SEOUL, Dec. 16 (Korea Bizwire) — The government plans to subsidize 2,500 small and medium-sized firms to achieve carbon neutrality starting next year, and continue to expand support by 10 percent every following year. The Ministry of SMEs and Startups announced the new initiative on Wednesday, which includes investing 474.4 billion won (US$400 million) next [...]
SEOUL, April 10 (Korea Bizwire) — Telecommuting has been rapidly spreading among South Korea’s small and midsized companies, as well as among their larger counterparts, as part of their efforts to combat the coronavirus outbreak, the Ministry of Employment and Labor said Friday. The ministry said a total of 2,602 small businesses had applied for [...]
SEOUL, May 24 (Korea Bizwire) – A study said it takes an average of 19 years for a small- or mid-sized firm to graduate from that status and move up the rank of an enterprise of middle standing. According to a report by the Korean Chamber of Commerce and Industry based on a survey on [...]