South Korea’s telecom watchdog said Wednesday it will raise the ceiling for the incentives local mobile carriers offer to attract clients in a bid to reduce competition among carriers.
The Korea Communications Commission said it will adjust the legal ceiling to between 250,000 won ($246.9) and 350,000 won, up from the current limit of 270,000 won that was put in place in 2010.
The watchdog also said it will hold a meeting every six months to adjust the amount after considering market conditions, indicating that the terms could be subject to further change.
“There has been criticism that the fixed guidelines in the ceiling failed to address various market situations,” said Choi Sung-joon, the commission’s chief, explaining the reason behind the added flexibility to the incentives regulation.
