[ChangesInSecondHalf] Won-Dollar Forex Market Trading Extended Until 2 AM

Starting from July, the trading hours of the domestic won-dollar foreign exchange market will be extended until 2 a.m. Those who fraudulently receive government subsidies will face imprisonment of up to three years or a fine of up to 30 million won. If employers provide monetary compensation to colleagues who share work due to reduced working hours for childcare, a monthly support of up to 200,000 won will be provided.

Unlocking the Foreign Exchange Market... Foreign Financial Institutions Also Participate Directly

The government will implement a 'foreign exchange market structural improvement' allowing global financial companies authorized by foreign exchange authorities to directly participate in the domestic foreign exchange market. Accordingly, from July 1, the foreign exchange market opening hours will be extended from the current 9 a.m. to 3:30 p.m. to 9 a.m. to 2 a.m. the next day. Authorized foreign financial institutions (RFI) will be able to directly participate in interbank transactions in the domestic foreign exchange market.

From September, mortgage loans on residential officetels and villas will also be included in the refinancing service for housing mortgage loans. Currently, only unsecured loans, apartment housing mortgage loans, and jeonse loans can be refinanced through the online refinancing infrastructure, but from September, refinancing will also be possible for villa (row houses and multi-family houses) and residential officetel mortgage loans, which can be checked in real-time prices such as KB market prices.

18 Trillion Won 'Semiconductor Finance Package' Launched... Low-Interest Loans for Semiconductor Companies

The government’s 18.1 trillion won semiconductor financial support program to strengthen the competitiveness of the semiconductor industry will be launched next month. The Ministry of Economy and Finance announced, "By 2027, we will invest up to 2 trillion won in the Korea Development Bank, including 1 trillion won in cash and 1 trillion won in kind, to establish a 17 trillion won low-interest loan program and start lending to semiconductor companies from next month."

The loan limit will support up to the credit limit for the same group under the current Korea Development Bank Act, and interest rate conditions will offer preferential rates of 0.8 to 1.0 percentage points lower for large corporations and 1.2 to 1.5 percentage points lower for small and medium-sized enterprises compared to general loans. Additionally, a new semiconductor ecosystem fund will be raised up to 800 billion won by 2027, expanding the total semiconductor ecosystem fund to 1.1 trillion won. The currently raised 300 billion won semiconductor ecosystem fund will begin equity investments from next month.

Criminal penalties for fraudulent receipt of government subsidies will be newly established. From now on, those who fraudulently receive government subsidies will face imprisonment of up to three years or a fine of up to 30 million won. When reporting fraudulent receipt of government subsidies, ‘anonymous proxy reporting’ can be used, where a lawyer reports on behalf of the whistleblower without revealing their personal information. In addition to whistleblowers, relatives or cohabitants can also apply for compensation related to damages caused by the report.

Monthly 200,000 Won Subsidy for Colleagues Assisting with Reduced Working Hours for Childcare

An emergency care support project will be implemented for citizens who urgently need care services due to illness, injury, or other reasons. Citizens who require urgent and temporary care support due to the absence of the main caregiver, injury, or accident but find it difficult to receive care through existing services can use up to 30 days (72 hours) of visiting care, housekeeping, and mobility support services by paying only the burden cost according to their income level.

The scope of support for reduced working hours for childcare will also be expanded. From July, if employers provide monetary compensation to colleagues who share work due to reduced working hours for childcare, a monthly support of up to 200,000 won will be provided. Also, the childcare reduced working hours allowance, which compensates the income of workers who reduce working hours for childcare, will expand the 100% ordinary wage support period from the first 5 hours per week to 10 hours.

The loan requirements for employers with wage arrears will also be eased. From the second half of the year, the requirement to prove ‘temporary business difficulties’ will be removed, and employers with wage arrears can apply for loans with only confirmation of wage arrears by the Minister of Employment and Labor. An official from the Ministry of Employment and Labor explained, "Currently, the loan system for employers with wage arrears requires confirmation of wage arrears and recognition of temporary business difficulties, which made it difficult for employers to apply for loans. Reflecting this, we have removed the proof requirement for temporary business difficulties and improved the system so that loans can be applied for with only confirmation of wage arrears."

From September, suicide prevention social network service (SNS) counseling via messengers will be launched. Previously, suicide prevention (1393), mental health (1577-0199), and youth (1388) counseling were provided separately, but since early this year, suicide prevention counseling has been integrated under the emergency number (109). From September, SNS, familiar to young people, will also be opened as a new counseling channel.