Coexistence Cooperation Act and Expansion of Student Loan Interest Waiver Law Also Passed
Amid concerns over the recurrence of a second element water crisis, the Basic Act on Supply Chains to effectively respond to global supply chain disruptions passed the National Assembly's Legislation and Judiciary Committee on the 7th.
On the afternoon of the same day, the Legislation and Judiciary Committee approved the bill titled "Basic Act on Support for Supply Chain Stabilization for Economic Security," which was introduced by Ryu Seong-geol, a member of the People Power Party.
Kim Do-eup, Chairman of the Legislation and Judiciary Committee, is striking the gavel at the plenary meeting of the Legislation and Judiciary Committee held at the National Assembly on the 7th. Photo by Kim Hyun-min kimhyun81@
The Basic Act on Supply Chains centers on establishing a supply chain stabilization fund to support key supply chain businesses and creating a Supply Chain Stabilization Committee to deliberate and coordinate related matters.
The bill includes provisions for stable resource procurement measures in preparation for emergencies such as the "element water crisis," where securing resources becomes difficult.
Additionally, the "Act on Promotion of Win-Win Cooperation between Large Enterprises and Small and Medium Enterprises" (Win-Win Cooperation Act), which imposes punitive damages up to five times the amount of damages when large companies unfairly appropriate technologies from SMEs or startups, also passed the Legislation and Judiciary Committee on the same day.
The Special Act on Student Loan Repayment after Employment, which aims to reduce the interest burden on young people repaying student loans after employment, is also expected to reach the plenary session. The amendment expands the exemption from student loan interest repayment to university students with household incomes at or below 100% of the median income.
The range for tuition loan brackets and work-study scholarship support will be expanded from the current 8 brackets to 9 brackets, and for debtors who are basic livelihood security recipients, near-poverty class, or from multi-child families, interest accrued during leave of absence periods outside of enrollment and before mandatory repayment commencement will be exempted.
The bills processed by the Legislation and Judiciary Committee on this day are expected to be submitted to the plenary session on the 8th.
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