[Changes Next Year] Annual Electrical Safety Inspections for Traditional Markets and Every Three Years for Apartment Complexes

Government Publishes 'Changes in 2021'

[Asia Economy Reporter Moon Chaeseok] From next year, traditional markets will undergo electrical safety inspections annually, and apartment complexes will be inspected once every three years. Medium-sized enterprises will also be eligible for financial support related to technology commercialization.

The government published "Changes in 2021" on the 28th, summarizing the institutional and regulatory changes effective from next year.

According to this, the Ministry of Trade, Industry and Energy has established a legal basis to conduct regular electrical safety inspections targeting individual units in apartment complexes and individual stores in traditional markets.

Starting April 1 next year, electrical safety inspections will be conducted once a year in traditional markets and once every three years in aging apartment complexes over 25 years old.

Until now, only power receiving equipment such as transformers and distribution boards were inspected, but from next year, distribution boxes, circuit breakers, indoor wiring, outlets, and switches within individual units and stores will also be examined.

Source: Ministry of Economy and Finance

Medium-sized enterprises will be added to the list of recipients eligible for financial support such as investment and loans for technology commercialization. Previously, only small and medium-sized enterprises were eligible for such support.

The revised "Special Act on the Promotion of Growth and Competitiveness of Medium-sized Enterprises" will be applied from January 21 next year.

A "punitive damages system" requiring payment of three times the amount of damages recognized due to idea theft will be introduced.

The Korean Intellectual Property Office will apply the punitive damages system from April 21 next year to businesses that steal ideas from small and medium-sized enterprises, venture companies, and startups.

Previously, this system was only applied to trade secret infringement. Those who intentionally steal ideas must compensate up to three times the amount of damages recognized.

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