President Lee Jae Myung Presides Over Cabinet Meeting on the 22nd
"Ensure Korea Is No Longer Known as the Country with the Highest Number of Industrial Accident Fatalities"
President Lee Jae Myung listens to the greeting of Deputy Prime Minister and Minister of Economy and Finance Koo Yoon Chul as the Cabinet meeting begins at the Presidential Office building in Yongsan, Seoul, on the 22nd. Photo by Yonhap News
President Lee Jae Myung stated at the Cabinet meeting on the 22nd that, regarding the increase in the deposit protection limit from 50 million won to 100 million won, "Financial institutions must also give back by contributing to the nation and the national economy, and by enhancing the rights of financial consumers."
Presidential spokesperson Kang Yoo Jung said in a briefing at the Presidential Office in Yongsan that President Lee remarked, "The government provides guarantees with public funds, allowing financial institutions to benefit from institutional advantages." President Lee also instructed, "Examine whether the increase in the deposit protection limit could lead to a decrease in deposit interest rates in the secondary financial sector," and added, "Break down barriers between ministries and review and prepare various preventive measures," according to spokesperson Kang.
According to Kang, President Lee showed keen interest in the proposed partial amendment to the Enforcement Decree of the Game Industry Promotion Act, which focuses on remedies for damages caused by probability-based game items. It was reported that President Lee specifically asked Cabinet members about the prices of probability-based game items, the probability rates, whether criminal penalties are possible in case of damages, and whether compensation amounts are sufficient.
President Lee received reports from each ministry regarding recovery efforts from flood damage. The Ministry of the Interior and Safety decided to proceed with declaring special disaster zones for local governments that meet the criteria, while the Ministry of Economy and Finance reported that there are sufficient funds for disaster recovery, including disaster and emergency response funds and contingency reserves. The Ministry of Science and ICT explained plans to offer blanket reductions in telecommunications and broadcasting fees if special disaster zones are declared.
Minister of Employment and Labor Kim Young Hoon announced to President Lee that he would personally lead the "Safe Workplace Project." Minister Kim plans to conduct unannounced on-site inspections once a week and report the results to the Cabinet each week. President Lee reportedly asked Minister Kim to "respond thoroughly so that Korea is no longer known as the country with the highest number of industrial accident fatalities."
Additionally, President Lee instructed a review of overseas aid projects, noting that although they cost several trillion won annually, there are many projects that are difficult to justify. He directed that the projects be reviewed to ensure they align with national prestige and diplomatic objectives.
Meanwhile, President Lee expressed his gratitude to outgoing Cabinet members who will soon be replaced, saying, "I sincerely thank you for faithfully fulfilling your mission and responsibilities as public officials," and added, "I hope that the transition of duties after the change of administration can be a joyful experience." To the new Cabinet members, he emphasized, "While the legislature provides oversight and checks, the executive branch is responsible for administering government affairs. Please do your utmost to improve the lives of the people."
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