[THE INVESTOR] It is relatively easy to obtain a driver’s license in Korea and this has led to various problems over the past five years, such as traffic accidents, raising the need to toughen the driving test requirements. In July 2011, the government eased driver’s license rules to allow individuals to save time and money.The number of hours for mandatory driving lessons was reduced to 13 hours from 60 hours. Evaluation criteria was also reduced to six items from the original 13. A license can

[THE INVESTOR] The Corporate Vitality Enhancement Act will take effect in about a week. The law, which was legislated in February, is designed to revitalize ailing industries, such as shipbuilding and steelmaking, which have been suffering from a glut among global competitors.Policymakers say that the law -- which is better known as the “one-shot” law -- would provide conglomerates with decent opportunities to streamline ailing business segments by merging units with similar functions.The specia

[THE INVESTOR] Recent government data sounded the alarm on the need for South Korea to urgently brace itself for a rapidly aging society. Statistics Korea said that the number of citizens aged 100 or older had surged 72 percent from 2010. The figure showed that 3,159 centenarians were living in the country as of November 2015, up from the 1,835 five years earlier.As life expectancy gets longer steadily, 13.1 percent of South Korea’s 50.6 million population were 65 or older in 2015, said the stat

[THE INVESTOR] South Korea’s minimum wage per hour for next year has been set at 6,470 won ($5.70), a growth of 7.3 percent from the current 6,030 won. The new minimum wage translates to 1.35 million won per month for employees who work full time.Opposition lawmakers expressed their regret over the decision. The main opposition said the increase should have been at least a two-digit percentage. The runner-up opposition claimed the increase is far short of the level that can narrow the current in

[THE INVESTOR] A year ago, the government publicized its plan to create more than 200,000 jobs for those aged between 15 and 34 by 2017 in collaboration with six major business associations.Besides that, over the past few years, Korea’s economic policymakers have come up with another set of countermeasures to tackle the lingering youth unemployment problem.So far, however, the measures have yet to put a big dent in the issue.Last month, the nation’s youth unemployment rate reached 10.3 percent.

[THE INVESTOR] The issue surrounding the U.S. Terminal High Altitude Area Defense system is becoming a serious bone of contention in East Asia as well as on the Korean Peninsula after Seongju, North Gyeongsang Province, was announced this week as the site that will host a THAAD battery.South Korea’s government has faced a dual task in resolving the backlash from domestic opponents, including Seongju residents, and neighboring countries such as China.The government should be aware that the proble

[THE INVESTOR] A special law for vitalization of the corporate sector and the economy is drawing attention as to whether it would be an efficient remedy for South Korea, which has been saddled with external and domestic uncertainties.Both policymakers and ailing industries are pinning hopes on the Corporate Vitality Enhancement Act, which will take effect in about a month. The law, which was legislated in February, is designed to revitalize major industries, such as shipbuilding and steelmaking,

[THE INVESTOR] Early this year, a consensus on sanctions on Pyongyang by Washington and Beijing were regarded as a benefit and relief to Seoul. China’s participation in the U.N.-led sanctions might be a substitute for the U.S.’s plan to deploy the Terminal High Altitude Area Defense system on the Korean peninsula.Apart from possible geopolitical tension from isolation of North Korea, the U.S. and China-led reprimanding on the wayward North was assumed to help South Korea avoid clashing with Chin

[THE INVESTOR] Last week, the government said it would draw up a supplementary budget worth 10 trillion won ($8.69 billion) in its unveiling of its second-half economic policy direction.A package of stimulus might be necessary in terms of overcoming the weak recovery in exports and domestic consumption as well as uncertainty from the Brexit scenario. But in a different aspect, the planned government expenditure is arousing concerns over possible deterioration of fiscal soundness amid a recent su

By Kim Yon-seRuling party lawmakers and the government reached a consensus on relieving a large portion of households of their loan interest burden during discussions to revamp the financial services sector Friday.The Financial Services Commission said that the 10 core reform plans for financial consumers were confirmed during its chairman Yim Jong-ryong’s meeting with lawmakers from the Saenuri Party at the National Assembly in Seoul.They have agreed to promote the launch of lending products th

The majority of Koreans are insecure about their current employment status, according to a biennial poll from the government’s statistical office released on Thursday.The 2015 society sector survey on about 39,000 Koreans conducted by Statistics Korea showed 61 percent of the employed respondents said they “feel insecure about their current job status.” The office said it sampled a cross section of Korean households in 27 residential districts nationwide for research on segments such as labor, i

U.S. dollar-denominated assets are gaining more popularity in the local market amid signs that the Washington-based Federal Reserve will raise the base rate at its Dec. 15-16 meeting.In contrast, investors’ interest in Korean won-denominated assets appears to be waning as shown by the recent trading of local stocks by foreigners. Both local and foreign investors are betting on the dollar’s sharp gains against the won.On a collective basis, four commercial banks saw individuals’ dollar-denominate