A proposed bill called the Partial Amendment to the Act on Prevention of Divulgence and Protection of Industrial Technology aims to hold brokers accountable for arranging job transfers that involve divulging or infringing on industrial technology. Currently, these brokers often face little punishment for their actions. The bill seeks to impose civil liability on brokers and make them responsible for damages resulting from job transfers that intentionally or negligently disclose or infringe upon industrial technology.

Another proposed bill, the Partial Amendment to the Depositor Protection Act, aims to strengthen depositor protection in the Korean financial system. It grants the Korea Deposit Insurance Corp. the authority to increase the default deposit protection limit from 50 million won to 200 million won. This change is in response to the increased safety risks of the financial system and the financial burden faced by the working class due to profit pursuit by banks.

A pending bill, the Partial Amendment to the Labor Standards Act, addresses the demand for a wage system reform in South Korea. It aims to ensure equal treatment and pay equity for all employees regardless of age, gender, or employment type. This follows a recent Supreme Court ruling against the wage peak system for age-based pay discrimination.

The Promulgated bill, the Act on Restriction of Special Taxation, introduces various changes to taxation policies. It increases tax credits for investments in facilities commercializing national strategic technologies and implements special taxation for high-yield, high-risk bond investment trusts. It also adjusts the enforcement period of a tax deduction for hometown love donations.

Lastly, an administrative announcement outlines a partial amendment to the Guidelines for Reporting the Establishment and Conversion of Holding Companies. This amendment aims to enhance business convenience and predictability by providing necessary forms for applying for an extension of the grace period for restriction on acts by holding companies. It also updates reporting obligations for the introduction of corporate venture capital and modifies the definition of “other relatives.”

This information is provided by a local law firm to keep readers updated on legislative developments in Korea. For any further queries about the bills, readers can contact the firm at cr@draju.com.

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By hassani

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