The proportion of temporary workers in South Korea rose to over 38 percent of all salaried workers in August in the wake of the fallout from the pandemic, data showed Tuesday. The number of non-regular workers, including part-timers and outsourced laborers, came to 8.07 million as of August, up 640,000, or 8.6 percent, from the previous year, according to the data by Statistics Korea. They accounted for 38.4 percent of the country's 20.99 million salaried workers. The percentage was up from 36

South Korea and Chile will hold their sixth round of negotiations this week on updating their bilateral free trade agreement (FTA) that went into effect in 2004, Seoul's trade ministry said Tuesday. The three-day talks, set to begin later in the day via teleconferencing, will focus on expanding the scope of free trade and updating terms of the 15-year-old FTA to better reflect changing trade and economic circumstances, according to the Ministry of Trade, Industry and Energy. The two sides will

South Korea said Tuesday it plans to resume discount coupon programs aimed at boosting domestic demand as the country is preparing to move into a phase of "living with COVID-19" in early November. The country has suspended the coupon programs in six sectors, including sports, accommodations, tourism and cultural performances, due to the resurgence of virus cases. Only online use of some discount coupons, such as food delivery and agricultural products, has been allowed. Finance Minis

South Korea said Tuesday it will enforce stricter lending rules based on borrowers' repayment capability at an earlier date than initially scheduled to curb soaring household debt that has emerged as one of the most serious potential risks on the economy. Loans for home rentals, however, will not be subject to the government's tightened lending rules until the end of this year as part of efforts to supply credit for those in actual need of borrowing. Those are part of a string of measures the

South Korea and Cambodia officially signed a free trade agreement (FTA) Tuesday in a move to deepen their economic ties, Seoul's industry ministry said. Trade Minister Yeo Han-koo and his Cambodian counterpart, Pan Sorasak, officially signed the pact during a virtual ceremony earlier in the day, according to the Ministry of Trade, Industry and Energy. South Korea struck the deal with Cambodia in February this year and wrapped up domestic procedures, including parliamentary approval. Under the

The value of derivatives-tied securities issued in South Korea plumbed a near eight-year low in the first half of the year amid the bullish run of major global stock markets, data showed Tuesday. The amount of equity-linked securities (ELS) and derivatives-linked securities (DLS) outstanding came to 80.2 trillion won ($68.5 billion) as of end-June, the lowest level since the end of 2013, according to the data from the Financial Supervisory Service. Those products are structured to track the pe

South Korea has concluded a free trade agreement with the Philippines in a move expected to bolster ties with the Southeast Asian nation and help diversify South Korea's trade portfolio, Seoul's trade ministry said Tuesday. Trade Minister Yeo Han-koo and his Filipino counterpart, Ramon Lopez, were to declare the conclusion of the bilateral Free Trade Agreement (FTA) and sign their joint statement during a virtual meeting set to be held in the day, according to the Ministry of Trade, Industry an

Onlookers say Netflix’s ‘Squid Game’ reflects nation’s deepening economic inequality

South Korea will unveil measures to curb household debt in a way that "strikes a balance" between toughening lending rules based on borrowers' repayment capability and protecting those in actual need of loans for home rentals, the head of the country's financial regulator said Monday. The Financial Services Commission (FSC) is expected to announce a set of measures to tame soaring household debt this week, likely to focus on speeding up implementation of stricter rules on lending base

In 2022, an area that is likely to strain companies’ transition toward a resilient, sustainable economy is the ESG risks in the supply chain. Companies must now closely monitor issues stemming from climate change, labor rights and health and safety throughout the procurement process. Supply chain due diligence Until recently, the management team’s focus on supply chain and procurement has been primarily on technical quality, cost-effectiveness, speed of delivery and reliability. H

Government likely to temporarily cut fuel tax by 15% to ease inflationary pressure

Cargo processed at South Korean seaports advanced 8.1 percent in the third quarter of this year as trade gained traction amid the global economic recovery from the pandemic, the oceans ministry said Sunday. Cargo handled at the country's ports came to 393.03 million tons during the July-September period, up from 363.53 million tons a year earlier, according to the data by the Ministry of Oceans and Fisheries. Handling of export-import cargo surged 8.6 percent on-year to 338.85 million tons in

South Korea's central bank will likely raise its policy rate at least twice next year as it will continue to normalize its eased monetary policy intended to prop up the pandemic-stricken economy, an analyst said Friday. Last week, the Bank of Korea kept the rate unchanged at 0.75 percent for October after conducting a quarter-percentage hike in August from 0.5 percent, a record low level put in place for years to bolster the economy under heavy strain from the coronavirus pandemic. Gov. Lee Ju

South Korea will temporarily cut fuel taxes to soften the blow of skyrocketing gasoline prices, which put upward pressure on inflation, First Vice Finance Minister Lee Eog-weon said Friday.  “The government will temporarily lower fuel taxes. We’ll finalize further details, including the extent of fuel tax cuts and when the envisioned measure will take effect, as soon as possible,” Lee said, adding that the formal announcement will be made during a government meeting nex

Prime Minister Kim Boo-kyum said Friday hard-hit businesses and low-risk facilities will be the first to benefit from eased COVID-19 restrictions starting next month. Kim made the remark during a meeting of a government-civilian panel overseeing the transition to life after COVID-19. "The return to normal will proceed in stages and systematically," he said. "We will take drastic and active steps to ease the virus restrictions starting with businesses and neglected groups that ha