Economic Sector's Final Appeal Before the Serious Accidents Punishment Act Enactment... "Excessive Punishment Must Be Avoided"

On the 6th, Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Business, is speaking at a press conference where the business community's position on the enactment of the Serious Accidents Punishment Act was announced, held at the Korea Federation of Small and Medium Business in Yeongdeungpo-gu, Seoul. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Junhyung Lee] The business community has issued a joint statement regarding the enactment of the Serious Accidents Punishment Act (Serious Accidents Act), urging that the business sector's views be reflected in the legislation.

On the 6th, 10 economic organizations, including the Korea Federation of SMEs (Korea Federation of SMEs), held an emergency press conference at the Korea Federation of SMEs in Yeouido to announce the business community's position on the enactment of the Serious Accidents Act. Attendees included Sohn Kyung-shik, Chairman of the Korea Employers Federation, Kim Ki-moon, Chairman of the Korea Federation of SMEs, Kim Young-joo, Chairman of the Korea International Trade Association, and Kang Ho-gap, Chairman of the Korea Federation of Mid-sized Enterprises.

The business community stated, "Amid the aftermath of the COVID-19 pandemic last year, when companies were struggling to recover from management difficulties, concerns among businesses are growing due to the push for the enactment of the Serious Accidents Act," and expressed "deep concern and regret over the ruling and opposition parties agreeing to enact the law despite repeated appeals to halt its enactment."

Furthermore, the business community requested that at least three points be reflected in the law: ▲ changing the lower limit of imprisonment for business owners to an upper limit ▲ limiting the punishment criteria for business owners to cases of 'repeated fatal accidents' at minimum ▲ specifically stipulating the obligations of business owners and exempting them from liability when these obligations are fulfilled.

Kim Ki-moon, Chairman of the Korea Federation of SMEs, emphasized, "The 6.63 million small and medium-sized business owners are feeling great fear in management due to the push for the enactment of the Serious Accidents Act," adding, "Considering that 99% of SMEs are owner-represented, legislative supplementation is absolutely necessary so that companies can operate on-site without fear of the future."

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