The South Korean government made a slight fix in the year-old anti-graft law, raising the limit on how much public officials, teachers, and journalists can spend on gifts on agricultural, livestock or fishery goods to lessen the blow on related industries.

The Anti-Corruption and Civil Rights Commission on Monday passed a motion to bump up the spending cap from the current 50,000 won ($46) to 100,000 won for gifts that are agricultural, livestock or fishery goods, or processed goods composed of 50 percent or more of such contents. Other gifts are subject to the same 50,000 won limit.

At the same time, the commission lowered the ceiling on wedding and funeral cash token from 100,000 won to 50,000 won. The spending limit for meals remained unchanged at 30,000 won.

The government expects the revised law to go into effect by early next year before the Lunar New Year in mid-February, one of Korea’s biggest holidays when people generally exchange gifts as a custom.

The anti-graft law was enacted in September last year to prevent public servants, journalists and teachers from receiving bribes. But farmers and fishermen have vehemently opposed the act, claiming it dealt a severe blow to their business.

The Ministry of Agriculture, Food and Rural Affairs said in a statement after the commission’s approval that agricultural industries would greatly benefit from the revision, as most gift sets for fruits and flowers are priced below 100,000 won.

By Kang Bong-jin and Kim Hyo-jin

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]