Flexible work hour system, AI industry support
Proposed Bill: Partial Amendment to the Labor Standards Act
Proposed by Rep. Kim So-hee (People Power Party)
● The bill would extend the maximum application period for flexible and selective work-hour systems to one year. It would also allow the labor and management to choose the unit period for calculating extended work hours from weekly, monthly, quarterly, semi-annual or annual options.
Proposed Bill: Special Act for the Promotion of the Artificial Intelligence Industry and Advancement to Global Leadership
Proposed by Rep. Choi Min-hee (Democratic Party of Korea)
● This bill seeks to establish a comprehensive support system for the artificial intelligence industry to advance the country's position as a global leader in the field. In particular, it proposes that the government designate and support AI mega clusters, implement policies to foster and attract a competent workforce, designate AI data center special zones and build necessary infrastructure.
Pending Bill: Partial Amendment to the Commercial Act
Proposed by Rep. Lee Jung-mun (Democratic Party of Korea)
● This bill would expand the scope of directors' duty of loyalty to include not only the company but also its shareholders and would limit the voting rights of the largest shareholder to 3 percent when appointing audit committee members.
Competent Authority: Ministry of the Interior and Safety
● Effective Tuesday, the amended law now requires large credit cooperatives to appoint a full-time auditor and undergo external audits each fiscal year to strengthen their management and oversight.
● The draft amendment would significantly expand the scope of the data portability right, which had previously been limited to specific sectors such as health care and telecommunications.
For queries about the bills, contact cr@draju.com.
sj_lee@heraldcorp.com
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Flexible work hour system, AI industry support
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed. Proposed Bill: Partial Amendment to the Labor Standards Act Proposed by Rep. Kim So-hee (People Power Party) ● The bill would extend the maximum application period for flexible and selective work-hour systems to one year. It would also allow the labor and management to choose the unit period for calculating extended work hours from weekly, monthly, quarterly, semi-annual or annual options. Proposed Bill: Special Act for the Promotion of the Artificial Intelligence Industry and Advancement to Global Leadership Proposed by Rep. Choi Min-hee (Democratic Party of Korea) ● This bill seeks to establish a comprehensive support system for the artificial intelligence industry to advance the country's position as a global leader in the field. In particular, it proposes that the government designate and support AI mega clusters, implement policies to foster and attract a competent workforce, designate AI data center special zones and build necessary infrastructure. Pending Bill: Partial Amendment to the Commercial Act Proposed by Rep. Lee Jung-mun (Democratic Party of Korea) ● This bill would expand the scope of directors' duty of loyalty to include not only the company but also its shareholders and would limit the voting rights of the largest shareholder to 3 percent when appointing audit committee members. Competent Authority: Ministry of the Interior and Safety ● Effective Tuesday, the amended law now requires large credit cooperatives to appoint a full-time auditor and undergo external audits each fiscal year to strengthen their management and oversight. ● The draft amendment would significantly expand the scope of the data portability right, which had previously been limited to specific sectors such as health care and telecommunications. For queries about the bills, contact cr@ sj_lee@
