Supplementing the Korean New Deal... Establishment of the Right to Request Personal Data Transfer

Ruling Party and Government Increase Korean New Deal Legislative Tasks from 10 to 12

Two-Year Extension of Mandatory Youth Employment in Public Institutions
Proactive Support for Carbon Neutral Transition Companies

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance (second from the right), is delivering opening remarks at the 6th meeting of the Korean New Deal Party-Government Promotion Headquarters held at the National Assembly Members' Office Building on the 13th. Photo by Yoon Dong-joo doso7@

[Sejong=Asia Economy Reporter Moon Chaeseok] The ruling party and the government have decided to create a new personal information transmission request right to revitalize the financial sector's MyData business as a supplement to the Korean New Deal 2.0 project. They will support companies proactively pursuing carbon neutrality in their business transformation and extend the expiration date of the youth employment obligation system, which mandates public institutions to employ a certain percentage of youth annually, by two years until the end of 2023.

On the 13th, the government and the Democratic Party of Korea held a meeting of the Korean New Deal ruling party-government promotion headquarters and discussed the "Supplementary Measures for Legislative Tasks of Korean New Deal 2.0" containing these details. On that day, the ruling party and government agreed to increase the legislative tasks of the Korean New Deal from the existing 10 major tasks to 12 and expand the target laws from 31 to 43.

First, in the digital New Deal sector, they will establish the personal information transmission request right by amending the Personal Information Protection Act. This guarantees the right for individuals to request that personal information they have provided to personal information processors be transmitted to themselves or a third party such as a preferred business operator. In South Korea, related businesses are being promoted in some areas such as the financial sector's MyData.

In the digital and green New Deal sectors, companies pursuing carbon neutrality and digital transformation will be included in the support targets for business restructuring, and support will be provided for small and medium enterprises to switch to promising product fields.

In the human New Deal sector, support will be provided to small business owners who have suffered serious operational losses due to business restrictions, and the validity period of the youth employment obligation system for public institutions will be extended from the end of this year to December 2023. According to the youth employment obligation system, public institutions and local public enterprises of a certain scale or larger are required to create youth employment of at least 3% of their workforce annually.

They aim to complete legislation by the end of this year and are pushing for the enactment and revision of laws. They also announced that a budget of 34 trillion won for the promotion of Korean New Deal 2.0 has been reflected in next year's budget proposal.

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki said at the meeting, "I hope that the legislative tasks of the Korean New Deal will be processed in this regular National Assembly session so that the legal and institutional framework of New Deal 2.0 will be tightly established."

Song Young-gil, leader of the Democratic Party of Korea, said, "We will conclude the legislation of necessary Korean New Deal bills within this regular National Assembly session," and added, "We will carefully examine whether there are any additional parts to supplement in the budget for the New Deal project during the National Assembly review process and boldly increase the budget for necessary matters."

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