Proposed Bill: Partial Amendment to the Labor Standards Act
Proposed by Rep. Jeon Hyun-heui (Democratic Party of Korea)
- This bill would prohibit comprehensive wage agreements that cover overtime and other forms of extra work, and require employers to record the actual number of working days and hours in the wage ledger.
Proposed Bill: Class Action Act
Proposed by Rep. Oh Gi-hyoung (Democratic Party)
- This bill would expand the scope of the class action system, which is currently limited to the securities sector, to cover general torts and specify that an organization delegated by 50 or more victims may file an action to confirm liability against corporations.
Pending Bill: Partial Amendment to the Occupational Safety and Health Act
Proposed by Rep. Kim Ju-young (Democratic Party)
- This bill would impose a penalty surcharge of up to 5 percent of operating profits, with a minimum amount of 3 billion won ($2.04 million), on a business that causes accidents resulting in the deaths of three or more workers within a year.
Promulgated Bill: Enforcement Decree of the Financial Investment Services and Capital Markets Act
Competent Authority: Financial Services Commission
- This bill requires listed companies holding treasury shares equal to or exceeding 1 percent of their total issued shares to disclose the status of their treasury share holdings and their disposal plans twice a year.
Administrative Announcement
Partial Amendment to the Enforcement Decree of the Microfinance Support Act
Competent Authority: Financial Services Commission
- The draft amendment would raise the common contribution rate for banks from the current 0.06 percent to the statutory maximum rate of 0.1 percent.
