KCCI "On-site Sandbags, 120 Regulatory Innovation Tasks Proposed to Government"

Covering Six Major Fields

[Asia Economy Reporter Kiho Sung] The Korea Employers Federation (KEF) announced that it has identified 120 regulatory innovation tasks below the enforcement decree level that act as obstacles to business activities and require prompt resolution, and has proposed them to the government.

KEF reported on the 21st that it submitted a total of 120 tasks in six major areas?▲New Industries ▲Labor Market ▲Environment and Safety & Health ▲Construction & Location ▲Corporate Governance and Management ▲Field Difficulties?to the government on the 19th.

First, under the New Industries category, KEF requested measures such as ‘integration of electric vehicle charger certification systems,’ ‘improvement of the basic fee charging system for electric vehicle charging facilities,’ and ‘rationalization of tax burdens related to the conversion of electric vehicle charging stations’ to expand charging infrastructure for the commercialization of future vehicles.

In the labor market sector, KEF proposed expanding the scope of special extended work permits in research and development fields and broadening the range of discretionary work tasks to allow flexible management of working hours according to the specific job and company circumstances.

For construction and location, KEF requested regulatory relaxation to enable the creation of a global tourist city by easing the standard building area ratio for courier services within existing industrial complexes and expanding the permissible range of other facilities within tourist complexes.

In the corporate governance and management category, KEF emphasized raising the total asset threshold for corporate governance regulations, which has remained unchanged for over 20 years despite economic growth, and improving the guidelines for self-dealing and unfair profit appropriation, which are regulations more stringent than the law.

Regarding field difficulties, KEF proposed raising the limit on integrated fund management, which currently imposes unnecessary interest burdens on companies due to foreign exchange transaction limits, and requested extending the allowed period for importing export containers at Busan New Port to five days to alleviate logistics costs for export companies.

Kim Jaehyun, head of KEF’s Regulatory Reform Team, stated, “Regulatory reform must be pursued continuously and consistently, so we hope it will be provided as a one-stop service that companies can feel through an organic connection and operation between the overall control tower and each ministry.” He particularly emphasized, “Improvement tasks in the labor market sector, such as expanding the scope of special extended work permits and adjusting the scope of dispatched work, are closely related to job creation, so we hope that tasks under the enforcement decree that can be processed quickly will be improved without fail.”