Choo Kyung-ho: "Please promptly process the postponement of the Serious Accident Punishment Act application"

Emergency Economic Ministers' Meeting and Export Investment Countermeasures Meeting

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho urged the extension of the grace period for the Serious Accidents Punishment Act on the 27th.

On the same day, Deputy Prime Minister Choo presided over an emergency economic ministers' meeting and export investment countermeasures meeting at the Seoul Government Complex, emphasizing, "I repeatedly request the National Assembly to promptly pass the bill to postpone the application timing of the Serious Accidents Punishment Act within this year."

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is delivering opening remarks at the Emergency Economic Ministers' Meeting and Export Investment Measures Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 27th. Photo by Jo Yong-jun jun21@

The Serious Accidents Punishment Act punishes business owners or management officials who neglect safety duties when serious accidents such as deaths occur. It was enacted in 2021, but for workplaces with 5 to fewer than 50 employees, implementation was deferred for three years. The law is set to apply from January, but the National Assembly is currently discussing extending the grace period by two years until 2026.

Deputy Prime Minister Choo expressed concern, saying, "Recently, our economy continues to face difficulties in the livelihood economy, including small and medium-sized enterprises and small business owners, due to prolonged high interest rates and volatility in raw material prices. In this situation, if the Serious Accidents Punishment Act is fully applied to workplaces with fewer than 50 employees, the burden on small and medium-sized enterprises, which still lack sufficient preparation and response capacity, is expected to be very large."

He also stated, "The government has made various efforts over the past two years since the law's implementation to establish a serious accident prevention system together with companies. Next month, we will prepare and promptly implement additional measures to strengthen safety management capabilities and infrastructure, focusing on vulnerable sectors."