Borrowers to be classified into four groups based on repayment ability

An increasing number of younger people are taking out loans from lenders, according to data released by Rep. Um Yong-soo of the Liberty Korea Party during the parliamentary audit session.Using the numbers given by the Bank of Korea, Rep. Um said that the household debt held by those aged 30 and younger increased by 28.6 trillion won ($25.3 billion) between January and June this year from the previous six-month period. Another set of data released by Rep. Je Youn-kyung of the Democratic Party of

Nearly half of South Korea's salaried workers were paid 2 million won ($1,772) or less in monthly wages during the first six months of this year, government data showed Tuesday.About 32.6 percent of the country's 19.7 million salaried workers were paid between 1-2 million won per month while 10.4 percent received less than 1 million won, according to the figures by Korea Statistics. About 27.3 percent were paid 2-3 million won, 14.9 percent 3-4 million won and 14.8 percent over 4 million won. Th

GWANGYANG -- A ruling party legislator called Tuesday for urgent measures to revive Gwangyang Port, a major seaport in South Korea whose cargo processing volume is rapidly diminishing.Rep. Lee Gae-ho, elected from the constituency including the southern city of Gwangyang, said the volume of cargo handled at the port has fallen for five consecutive years. "There were less than 2.3 million TEUs processed at Gwangyang last year, and the goal for 2.33 million TEUs this year is also unlikely to

South Korea and Vietnam held a joint economic committee meeting on Tuesday to discuss cooperation in various areas and tackle any stumbling blocks that could hamper further development.The meeting, the 16th of its kind, was held in Seoul between Deputy Foreign Minister for Economic Affairs Yun Kang-hyeon and his Vietnamese counterpart Nguyen The Phuong.  "South Korea-Vietnam relations have developed into something special," Yun said at the start of the meeting. "The South Kor

President Moon Jae-in was set to hold a special meeting Tuesday with leaders of the country's top labor organizations over his new economic and labor policies.The meeting will be held at the presidential office Cheong Wa Dae.It was initially expected to involve officials from the country's two largest umbrella labor organizations -- the Federation of Korean Trade Unions and the Korean Confederation of Trade Unions -- as well as several sectored and independent labor unions, but the KCTU has said

Many people caught not paying taxes receive lenient punishment, parliamentary data showed Tuesday.Only 13,548 tax evaders have been indicted in the past five years, constituting 20.9 percent of total evaders in comparison to the average indictment ratio of 37.9 percent of other crime suspects, the findings by the National Assembly Research Service said.As many as 49.1 percent of those indicted were tried without physical detention, with 45.3 percent receiving summary trials. Only 5.7 percent wer

INCHEON -- The development of Incheon Free Economic Zone, initially scheduled for completion by 2022, will be delayed to 2030 due to slowed investment in the aftermath of the global financial crisis and real estate market slump, officials said Tuesday.Known as IFEZ, the project was designated in August 2003 as South Korea's first such zone where foreign investors would receive tax and administrative benefits and services to promote their business activities in the country.The Ministry of Trade,

Few Korean companies have brought home overseas production in recent years in contrast to a sharp rise in the number of the country’s firms operating abroad.In 2012, the government began strengthening measures to facilitate the reshoring of manufacturing companies. Since then, just 41 Korean manufacturers have transferred overseas factories back to the country, according to data from the Ministry of Trade, Industry and Energy.During the same period, more than 17,000 Korean businesses have

Despite experts predicting the long Chuseok holiday earlier this month would put a damper on Korea’s export figures, exports have surged nearly 7 percent compared to last year, according to data from the Korea Customs Service. 　Following the 10-day holiday from Sept. 30 to Oct. 9, government data on Sunday showed that exports from Oct. 1 to 20 amounted to $26.7 billion, an increase of 6.9 percent compared to the same period last year. It marked the eleventh consecutive month of increased e

South Korea's top economic chief said Monday that he will lower borrowing costs for people with low credit ratings to reduce their financial burden ahead of the scheduled announcement of tighter rules on household loans.Finance Minister Kim Dong-yeon made the comment during a visit to a government-run financial support center in Seoul along with Financial Services Commission Chairman Choi Jong-ku and Financial Supervisory Service Gov. Choe Heung-sik. "It is necessary for the government to m

President Moon Jae-in is scheduled to hold a meeting with officials and leaders from top labor organizations this week, an official from the presidential office Cheong Wa Dae said Monday.The meeting will be held Tuesday and will involve dozens of labor leaders, including those from the two umbrella labor unions -- the Federation of Korean Trade Unions and the Korean Confederation of Trade Unions.The talks will nearly complete the president's series of discussions with all major economic players

Trade ministers of 16 countries in the Asia-Pacific region will gather in South Korea this week to discuss the Regional Comprehensive Economic Partnership, the trade ministry said Monday. RCEP is in essence a massive regional free-trade agreement between the 10 members of the Association of Southeast Asian Nations and the six countries with which ASEAN has existing free trade agreements, including South Korea, China, Japan, India, Australia and New Zealand.Some 800 negotiators from the member na

South Korea's manufacturing firms have improved their ability to repay short-term debt with the cash inflow from their operations in recent years, data showed Monday, despite Asia's fourth largest economy struggling with sluggish growth.The cash flow coverage ratio for 674 manufacturers listed on the benchmark Korea Composite Stock Price Index rose to 124 percent last year, up from 107 percent in 2013, according to the statistics by the Korea Stock Exchange. The comparable figure for the 65 larg

South Korea's economy is expected to grow 2.8 percent this year due to a weakening in business investment, a non-governmental think tank said Sunday.The Korea Economic Research Institute said it is lowering growth numbers for 2017 from the previous 2.9 percent, with its growth forecast for next year standing at 2.7 percent.The institute under the Federation of Korean Industries, the lobbying group for large businesses, said that while facility investment surged 15.9 percent in the first half, th