Bank rate transparency, sinkhole accident prevention
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed.
Proposed Bill: Partial Amendment to the Banking Act
Proposed by Rep. Kim Jang-kyom (People Power Party)
● This bill would require banks to disclose their current deposit rates, lending rates and interest rate spreads on a monthly basis via their websites. It would also authorize the Financial Services Commission to review the fairness and reasonableness of how these rates are determined, particularly when interest rate spreads widen, and to recommend improvements, if necessary.
Proposed Bill: Partial Amendment to the Special Act on Underground Safety Management
Proposed by Rep. Kim Jung-jae (People Power Party)
● This bill aims to prevent sinkhole accidents by enabling the Minister of Land, Infrastructure and Transport or local government heads to directly carry out emergency repairs in areas at risk of ground subsidence.
Pending Bill: Partial Amendment to the Equal Employment Opportunity and Work-Family Balance Assistance Act
Proposed by Rep. Shin Chang-sik (Rebuilding Korea Party)
● This bill would require the Minister of Employment and Labor to conduct an annual survey and analysis of the gender pay gap based on factors such as occupation type, position, duties, length of service and employment type, and to develop an improvement plan in response to the findings.
Promulgated Bill: Enforcement Rule of the Aviation Safety Act
Competent Authority: Ministry of Land, Infrastructure and Transport
● This bill introduces a certification system for unmanned vertical takeoff and landing aerial vehicles, a new type of uncrewed aerial vehicle capable of long-range flight.
● This bill will raise the deposit insurance limit from 50 million won to 100 million won ($36,300 to $72,500) as of September 1, 2025.
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