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 Trade Union and Labor Relations Adjustment Act Proposed by Rep. Park Hong-bae (Democratic Party of Korea) ● This amendment strengthens protections for fundamental labor rights under the Constitution. Notably, it enhances contractors’ responsibilities toward subcontra

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 Insurance Business Act Proposed by Rep. Cha Gyu-geun (Rebuilding Korea Party) ● This amendment mandates that stocks issued by affiliates of an insurance company and held by the company be valued at market prices rather than acquisition costs. It also sets a cap on th

Proposed bill: Real Estate Development Project Management Act Proposed by Rep. Kwon Young-jin (People Power Party) and Rep. Son Myoung-soo (Democratic Party of Korea) ● In the domestic market, real estate project financing is characterized by a low capital adequacy ratio and heavy reliance on third-party guarantees. As the volume of real estate PF increases, the need for systematic government management has become increasingly urgent. Therefore, this bill promotes the effective management of rea

Proposed bill: Partial amendment to the Product Liability Act Proposed by Rep. Joo Ho-young (People Power Party) ● Consumers often find it challenging to prove that damages were caused by a product defect due to the information asymmetry between manufacturers and consumers. This amendment proposes to ease the burden of proof on consumers by considering a product defective and the cause of damage if the victim can prove that such damage occurred while the product was being used normally. Propos

Proposed Bill: Act on Special Cases Concerning the Promotion of Reconstruction and Redevelopment Projects Proposed by Rep. Kim Eun-hye (People Power Party) ● Rising construction costs and complex authorization procedures have caused delays in housing provision. To accelerate the completion of reconstruction and redevelopment projects and accommodate the growing demand for housing in city centers, this bill streamlines approval procedures, offers mediation support for construction cost disputes,

Proposed Bill: Partial Amendment to the Telecommunications Business Act Proposed by Rep. Lee Jeong-heon (Democratic Party of Korea) ● To regulate app market monopolization and ensure the consumers’ right to choice, this amendment requires market-dominant app store operators, such as Google and Apple, to permit third-party payment options outside their app stores, such as via web browsers.   Proposed Bill: Partial Amendment to the Restriction of Special Taxation Act Proposed by Rep. Ki

Proposed Bill: Partial Amendment to the Commercial Act Proposed by Rep. Park Sang-hyuk (Democratic Party of Korea) ● Although corporate directors have a duty of loyalty toward their company, they have no legal obligations toward their shareholders. Therefore, to protect shareholders from the decisions of directors, this bill imposes a duty of fairness on directors. Proposed Bill: Partial Amendment to the Motor Vehicle Management Act Proposed by Rep. Han Jeoung-ae (Democratic Party of Korea) ●

Proposed Bill: Partial Amendment to the Labor Standards Act Proposed by Rep. Yang Kyung-kyoo (Green Justice Party) ● As of March 2023, the Ministry of Employment and Labor’s employment type disclosure system revealed that companies with 300-500 employees hire 25.2 percent of their workforce directly and 3.4 percent indirectly. However, companies with at least 10,000 employees employ 11.7 percent of their workforce directly and 32.0 percent indirectly. This indicates a trend where larger companie

Proposed Bill: Partial Amendment to the Special Act on Promotion and Support for Saemangeum Project Proposed by Rep. Lee Won-taeg (Democratic Party of Korea) ● The Saemangeum Project, launched in 1989, is an ongoing national project designed to develop an economic hub for business and tourism. Unlike the Gadeokdo New Airport Construction Project, which has progressed swiftly due to being exempt from preliminary feasibility surveys, the Saemangeum Project has faced delays in business promotion be

Proposed Bill: Partial Amendment to the Restitution of Development Gains Act Proposed by Rep. Suh Bum-soo (People Power Party) ● In 2023, construction permits were issued for a total area of land 25.6 percent smaller than last year, while the area of land under construction also decreased by 31.7 percent. Considering the significant impact that construction investment and the real estate market have on local economies and the job market, development charges must be alleviated to improve economic