Ministry of Economy and Finance's Public Institution Management Evaluation 'Calculation Error'... Results Need Major Revision

[Sejong=Asia Economy Reporter Son Sunhee] The Ministry of Economy and Finance recently announced that it made calculation errors in the public institution management evaluation and plans to significantly revise and reannounce the evaluation results soon.

According to the Ministry on the 24th, after the '2020 Public Institution Management Performance Evaluation Results' were approved at the Public Institution Operation Committee meeting on the 18th, some errors were discovered during the process of notifying each institution of their indicator-specific grades and scores, specifically in the application of evaluation indicator weightings. Incorrect weighting was applied to evaluation items, resulting in some public institutions being scored excessively low.

Accordingly, the Ministry is currently conducting a comprehensive review of the entire evaluation process, including the confirmed errors. As a result, the management evaluation scores and grades of some public institutions are expected to be substantially adjusted.

This is the first time since the introduction of public institution management evaluations in 1984 (for public enterprises; for government-affiliated institutions, since 2004) that evaluation grades have been reversed due to calculation errors. Because the evaluation results are linked to the performance bonuses of employees belonging to the respective institutions, this is a highly sensitive issue. Although it is a simple calculation error, the confirmation of the mistake has raised concerns about the reliability of the evaluation.

The Ministry stated, "We will complete the error inspection and verification process as quickly as possible, and based on the results, comprehensively organize necessary revisions to the evaluation results, supplementary and corrective measures, and promptly implement follow-up actions through the approval of the Public Institution Operation Committee at the earliest opportunity. We will also initiate a fundamental review and improvement plan for the entire evaluation system to prevent such errors from recurring."

Meanwhile, regarding speculation that this mistake occurred due to an attempt to unfairly lower the evaluation grade of Korea Land and Housing Corporation (LH), the Ministry firmly denied the claim, stating it is "completely untrue."

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