Latest news with #KimSo-hee
Korea Herald
07-07-2025
- Business
- Korea Herald
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@
Korea Herald
21-04-2025
- Business
- Korea Herald
Game user protection, tax credits for subcontractor 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 Game Industry Promotion Act Proposed by Rep. Kim Byung-kee (Democratic Party of Korea) ● This amendment requires game companies to retain records of probabilistic item acquisition outcomes for at least three years and to disclose them to users in order to enhance transparency regarding probabilistic items. Proposed Bill: Partial Amendment to the Act on Restriction on Special Cases Concerning Taxation Proposed by Rep. Kim So-hee (People Power Party) ● This amendment establishes tax credits for expenses incurred to support subcontractors' industrial accident prevention efforts — 3 percent for large companies, 6 percent for middle-standing enterprises and 12 percent for small and midsized businesses — deductible from corporate or income tax in the year the expense was incurred. Pending Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Yoon Han-hong (People Power Party) ● This amendment clarifies the directors' duty to protect shareholders' interests by specifying that in the event of a merger, an essential business or asset transfer, an all-inclusive stock swap or transfer, or a split or split and merger, the board of directors must make every effort to protect shareholders' legitimate interests. Promulgated Bill: National Pension Act Competent Authority: Ministry of Health and Welfare ● This amendment — Korea's first pension reform in 18 years since 2007 — raises the contribution rate from 9 percent to 13 percent and increases the nominal income replacement rate from 40 percent to 43 percent. ● This amendment renders both the principal and interest of a loan agreement null and void if the annual interest rate exceeds 100 percent, treating such contracts as socially unacceptable lending practices. —-
