Proposed Bill: Partial Amendment to the Special Act on Strengthening and Supporting the Competitiveness of the Semiconductor Industry

Proposed by Rep. Koh Dong-jin (People Power Party)

  • This bill would allow semiconductor research and development personnel nationwide to be exempted from the current 52-hour workweek limit through a written agreement between the parties, provided that additional compensation for extended working hours and health protections are ensured, taking into account their income level and the characteristics of their work.

Proposed Bill: Partial Amendment to the Last-Mile Logistics Industry Development Act

Proposed by Rep. Yeom Tae-young (Democratic Party of Korea)

  • This bill would establish working-hour standards for delivery workers and require large-scale and late-night delivery service providers to fully cover their workers’ employment insurance and workers’ compensation insurance premiums.

Pending Bill: Partial Amendment to the Inheritance Tax and Gift Tax Act

Proposed by Rep. Lee So-young (Democratic Party of Korea)

  • This bill would provide that listed shares would be valued for tax purposes based on their asset and earnings values, using a method similar to that applicable to unlisted stock, when their market price falls below 80 percent of their net asset value.

Promulgated Bill

Enforcement Decree of the Fair Transactions in Subcontracting Act

Competent Authority: Fair Trade Commission

  • This promulgated bill expands the scope of items subject to subcontract price adjustment to include major energy costs, broadens eligibility for reporting rewards, and raises the upper cap for increases in administrative surcharges for repeated violations.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Fair Transactions in Franchise Business Act

Competent Authority: Fair Trade Commission

  • The draft amendment would allow a franchisees association representing at least 10 percent of a brand’s franchisees (with at least 30 members) or 1,000 franchisees to register with the Fair Trade Commission and consult with the franchisor on transaction terms.

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The Korea Herald republishes a weekly legislative report by local law firm D&A LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed.

For queries about the bills, contact cr@draju.com.