Legislation Passed by the Legislation and Judiciary Committee Including the Fair Trade Act... Extension Law for the Sewol Ferry Special Investigation Committee Also Approved (Comprehensive)

Financial Group Supervision Act, Regulation of Six Major Complex Financial Companies
Amendment to the Labor Union Act, Allowing Dismissed Workers to Join Unions
‘Working National Assembly Act’ Introducing a Permanent National Assembly

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] Controversial bills such as the amendment to the Fair Trade Act, the Financial Group Supervision Act, the amendment to the Labor Union Act, and the extension of the Sewol Ferry Special Investigation Committee were passed by the National Assembly's Legislation and Judiciary Committee on the 9th.

The amendment to the Fair Trade Act focuses on expanding the scope of regulation on large conglomerates' 'preferential subcontracting' and doubling the fines. However, the exclusive prosecution rights of the Fair Trade Commission, which was a key issue, were maintained considering opposition from the business community. The full meeting of the Political Affairs Committee passed the bill as it was, overturning the conclusion of the agenda adjustment committee.

The Financial Group Supervision Act strengthens regulations on financial groups that meet certain criteria. It targets six major complex financial companies belonging to large conglomerates such as Samsung and Hyundai Motor, which operate two or more financial companies and have assets exceeding 5 trillion won.

The amendment to the Labor Union Act mainly allows dismissed workers and unemployed persons to join labor unions. For company-specific unions, it also includes provisions that executives and delegates must be elected from among union members engaged in the business. Additionally, the 'Special Employment 3 Laws' (amendments to the Employment Insurance Act, Industrial Accident Compensation Insurance Act, and Collection Act), which apply employment and industrial accident insurance to special types of workers (special employment workers), were also approved.

A bill extending the activity period of the Social Disaster Special Investigation Committee (Sahchamwi), which investigates the Sewol Ferry disaster and the humidifier disinfectant incident, by 1 year and 6 months was also passed. The Democratic Party's party-line proposed amendment to the May 18th Investigation Special Act and the so-called 'Working National Assembly Act,' which effectively introduces a permanent National Assembly, were also processed.

The amendment to the Capital Market and Financial Investment Business Act, which strengthens penalties for illegal short selling, and the amendment to the Local Tax Act, which lowers the property tax rate by 0.05 percentage points for three years starting next year on houses with a publicly announced price of 600 million won or less owned by single-homeowners, were also passed.

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