Korea Electrotechnology Research Institute Lowers Fees by 800 Million KRW

Economic Impact of COVID-19 Leads to Fee Reduction for Domestic Power Companies

[Asia Economy Reporter Hwang Junho] The Korea Electrotechnology Research Institute (KERI) announced on the 21st that it will reduce testing fees for four months from next month 1st to August 31st to support the domestic electrical industry struggling due to the novel coronavirus infection (COVID-19).

The discounted items include performance tests (10% discount, development stage), inspection tests (20% discount, pre-delivery stage), and preparation room usage fees (50% discount) for domestic small and medium-sized enterprises and mid-sized companies. The effect of fee reduction in supporting companies is estimated to be around 800 million KRW in total.

Additionally, KERI will temporarily defer 50% of testing fees for four months (5.1~8.31) to help alleviate the worsening management of domestic companies facing severe financial pressure. Among performance tests, the type test, which has a high testing fee burden, will proceed even if companies pay only half of the fee.

Choi Gyuha, President of KERI, said, "KERI's growth as the number one power equipment testing and certification institution in the Pan-Pacific region was possible thanks to the support and interest of domestic power equipment companies," adding, "Through the policy of reducing testing fees, we hope it will greatly help companies going through difficult times due to COVID-19 to overcome the crisis."

This content was produced with the assistance of AI translation services.