Establishment of Special Account for Strengthening Semiconductor Competitiveness and Supply Chain Stabilization
Relaxation of 52-Hour Workweek Regulation for R&D Workers
Kim Sang-hoon, the Policy Committee Chairman of the People Power Party, announced on the 10th that the Semiconductor Special Act, which is being promoted as a party policy, will include provisions for government subsidies and other financial support.
At a press briefing held at the National Assembly on the same day, Chairman Kim explained the direction of the special law that provides a basis for national support for the semiconductor industry, stating, "We have settled on the wording that 'subsidies and other financial support can be provided,'" and elaborated on the details.
The People Power Party plans to accelerate legislation to support Korean companies, including the Semiconductor Special Act, in response to increased volatility in the global industry and trade sectors following the inauguration of the second Trump administration.
According to Chairman Kim, the bill will specify the establishment of a special account for strengthening semiconductor competitiveness and stabilizing the supply chain, as well as the Semiconductor Industry Competitiveness Enhancement Committee directly under the President and the Semiconductor Innovation Support Group under the Ministry of Trade, Industry and Energy. Additionally, the bill will include measures to ease the 52-hour workweek regulation for research and development (R&D) personnel.
The Semiconductor Special Act will also include provisions for a 'white-collar exemption' (exemption from work hour regulations for high-income professional workers) for R&D personnel. Specific details regarding subsidy support and the application of the white-collar exemption will be delegated to enforcement ordinances.
Furthermore, the bill will contain the basis for establishing a special account for semiconductor competitiveness enhancement and supply chain stabilization, the Semiconductor Industry Competitiveness Enhancement Committee directly under the President, and the Semiconductor Innovation Support Group under the Ministry of Trade, Industry and Energy.
The People Power Party plans to speed up legislation to support Korean companies, including the Semiconductor Special Act, in response to increased volatility in the global industry and trade sectors following the inauguration of the second Trump administration.
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