SMEs Welcome Second Plan for Rationalizing Economic Criminal Penalties... Expect Boost in Economic Vitality

"Prompt Legislation Needed for Tangible Impact in the Field"

The small and medium business community has welcomed the "Second Plan for Rationalizing Economic Criminal Penalties" announced at the party-government council by the government and the Democratic Party of Korea on December 30.

The Federation of Small and Medium Business stated in a commentary on the same day, "It is very encouraging that the government has released a second plan just three months after the first, demonstrating its ongoing efforts to rationalize economic criminal penalties. The second plan significantly eases penalties for minor violations due to inadvertent mistakes, which is expected to greatly contribute to restoring livelihoods."

Seoul Yeouido Federation of Small and Medium Business. Federation of Small and Medium Business

The Federation added, "In particular, business owners have faced considerable difficulties in management activities due to excessive criminal liability risks. However, with this new plan, penalties for non-intentional acts or simple administrative violations will be eased, and we expect this will further boost economic vitality."

The Federation of Small and Medium Business also stated, "As the government has announced plans to identify a third set of tasks, we hope for active consideration of regulatory improvements for economic criminal penalties proposed by the small and medium business sector, as well as prompt legislation and institutional reforms to ensure that the announced improvements are felt in the field. The small and medium business community will also contribute to national economic development by engaging in responsible management in step with the government’s efforts."

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