Korean gov’t seeks to ease penalties for antitrust violations by corporations

2022.06.17 13:44:31 | 2022.06.17 13:45:07

[Photo by MK DB]이미지 확대

[Photo by MK DB]

The new South Korean administration under President Yoon Suk-yeol is seeking to revise the country’s Fair Trade Act and the new Severe Disaster Punishment Act to ease penalties for antitrust violations by companies, blamed for unnecessary delays in corporate activities.

Under the newly announced economic policy direction on Thursday, the new government will push ahead with changes of penalty rules of economic laws to administrative restrictions or its moderation to prevent delays in corporate activities.

For Severe Disaster Punishment Act allowing punitive actions on the management when fatal accident happens at a work site, the enforcement ordinance will be revised such as to make the responsible management’s duty clear.

The inspection guide for regulations on inside business deals in large conglomerates will also be reformed with the addition of exceptions by the first half of next year. Objective criteria will be set up by the end of the year to help companies monitor whether they violate the rule or not.

The government drew up measures to bring flexibility to the 52-hour workweek rule as well, which has served as a serious burden to small and mid-sized enterprises. The application will become optional based on agreement between the management and union and actions to help workers stay healthy.

By Kim Hee-rae and Lee Ha-yeon

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