15 company chiefs convicted since 2022 enforcement of Serious Accidents Punishment Act
Fifteen business executive chiefs in South Korea have been handed guilty verdicts under the Serious Accidents Punishment Act since the law's enforcement began in January 2022, the Ministry of Employment and Labor said Wednesday.
Between January 2022 when the law came into effect and 2024 year-end, a total of 15 cases were finalized and reported to the ministry. Fourteen of the cases sentenced the company chiefs a suspended prison sentence of one to three years, with just one receiving a one-year prison sentence. The 15 companies were also each assessed penalties of between 20 million and 100 million won ($14,000-$70,000).
The Serious Accidents Punishment Act, enacted to hold employers accountable for major workplace accidents, mandates punishment for company heads for serious industrial incidents under their watch.
Applicable accidents include those involving at least one fatality, two or more workers suffering injuries requiring at least six months of treatment caused by the same accident or three or more cases of occupational illness caused by the same hazardous factor within a year.
If a serious industrial accident occurs and the employer is found to have failed in fulfilling safety obligations, the law prescribes a minimum of one year in prison or a fine of up to 1 billion won.
Meanwhile, the ministry on Wednesday also publicly disclosed the names and details of seven workplaces found guilty of violating the law in the latter half of last year, including SY Panel.
Under the law, authorities can disclose the company's name and the location, time and cause of the accident, as well as the history of the company's major accidents in the past five years once the conviction is finalized and announced.
The seven companies were involved in fatal accidents, such as workers falling from scaffolding or being crushed to death during industrial robot inspections. One case involved multiple workers suffering acute chemical poisoning while handling hazardous materials.
All seven executives received suspended prison terms.
Deputy Labor Minister Kim Min-seok said the public disclosure is intended to reinforce social consequences of violating the law and to promote a culture of prioritizing worker safety.
'We hope this announcement strengthens awareness that violating the Serious Accidents Punishment Act leads to public disgrace and spreads a culture that sets value on the safety and life of workers,' Kim clarified.
'The government remains committed to reducing serious workplace accidents, especially through targeted oversight of high-risk sites and support for small businesses.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
18 hours ago
- Korea Herald
Money, political future of Lee Jun-seok hangs on 10% vote
Results will have substantial impact on candidate's political career, and crucial to getting reimbursed for campaign spending Lee Jun-seok, the candidate for the minor New Reform Party, went into polling day expecting to finish a distant third. But regardless of his low chances of winning, how many votes the 40-year-old politicians garners will likely affect the remainder of his career. Getting at least 10 percent of the vote on Tuesday will be considered a significant feat for Lee, who leads a minor party with just three members of the National Assembly. South Korean political landscape since the 1990s has been dominated by two major parties fighting for control, and no member of a minor party has ever won the presidency. Lee's approval ratings were around the 9-10 percent range in the last polls conducted before the blackout period, and him getting a significant amount of votes will solidify his status as a prominent figure in the pan-conservative bloc. While his party is considered centrist in the parliament, Lee is considered right-wing, as he had previously been a leader of the conservative People Power Party. During his election campaign on Monday in Daegu, the stronghold of the conservative bloc, he urged voters to invest in him with "the seed money for the new conservatives." Identifying him as a fellow conservative, the People Power Party had called for Lee to unify his campaign with its own candidate Kim Moon-soo, with the party's floor leader urging Lee to make the decision even before the election day. But Lee maintained that he would complete the race. Money issues For Lee, the number of votes he secures holds significant financial implications. His party has just over 120,000 members. In addition to party fees, the National Election Commission allocates separate funding. It allotted 26.53 billion won ($19.5 million) to the largest Democratic Party of Korea in election subsidies, 24.28 billion won to the PPP, and just 1.56 billion won to Lee's party. Last week, the party said that it spent 4 billion won for the election. The New Reform Party is entitled to other state subsidies, including the NEC's quarterly subsidies, that work out at around 350 million won, but the financial burden of the presidential race would likely be taxing to the party. The Public Officials Election Act states that the full expenditure for a presidential campaign shall be reimbursed by the state if the candidate receives at least 15 percent of the vote. Those who get 10 percent of the vote will receive half the amount he or she spent, payment for which is slated for Aug. 12. Last year, Lee proposed a bill that would lower the threshold for reimbursement, offering candidates who receive more than 5 percent of the vote half of their campaign expenses, and 70 percent reimbursement for those who secure at least 7 percent. How will Lee's graphic language in TV debate affect the voting? During the final presidential TV debate last Tuesday, Lee sparked a nationwide controversy by repeating sexually violent language thought to have been used by Democratic Party candidate Lee Jae-myung's son in the past. The gaffe occurred after the opinion polls on each candidate have been conducted, and it is unclear if and how much the dispute affected the New Reform Party's candidate's campaign. Lee made the comment to criticize the Democratic Party's Lee for his son's inappropriate language, but many expressed shock and concern over the language being used on TV. Multiple lawsuits were filed against him by the Democratic Party and civic groups, and liberal lawmakers submitted a proposal to the National Assembly asking for disciplinary action against him. Will Lee be blamed for conservative bloc's loss? Despite the People Power Party's continued calls for Lee to support Kim, he has spoken against the PPP candidate in his campaign, although not nearly as much as he has attacked the Democratic Party candidate. On Monday, he reiterated his stance that he will not join Kim and said voting for Kim will result in absolving ex-President Yoon Suk Yeol and his followers. The disgraced former leader of Korea, who was impeached after imposing martial law in December of last year, belonged to Kim's party until last month. With Lee taking a substantial slice of the conservative vote, there is a possibility that he may be subject to criticism if Kim ends up losing to Lee in relatively close race. The final polls announced last week suggested that the DP candidate would still be a favorite even against their unified front, but with a much-closer margin. A Hankook research survey showed approval ratings of 44 percent for Lee Jae-myung and 41 percent for Kim, if the New Reform Party candidate dropped out to back Kim. Other polls, such as Gallup Korea, showed that DP's Lee would still hold a 53 percent to 43 percent lead against a unified conservative campaign.
Korea Herald
20 hours ago
- Korea Herald
Daunting economic tasks lie ahead for new president
As external shocks threaten recovery, new leadership faces race against time to activate economic engines through fiscal, industrial moves The newly elected Korean president faces mounting external challenges as well as internal economic pressures, prompting a comprehensive push on both financial measures and industrial strategies to steer the country toward growth. The new government inherits a fragile economy now facing sluggish growth prospects, with recent data indicating declines across production, consumption and investment, all aggravated by external shocks. Korea's future hinges on how effectively it fights US-led tariffs and accelerates its tech leadership, as Seoul's biggest challenge now is turning policy promises into a tangible economic bounce. Mission to revive domestic demand Korea's economy is showing signs of slowing down, with domestic demand sputtering due to sluggish construction and shrinking investment in equipment and facilities. The latest forecasts from the Bank of Korea have sharply downgraded growth expectations to around 0.8 percent, fueling fears of zero growth this year. As the outlook darkens, the new leader will face a critical challenge of translating commitments into concrete measures to revive the economy. In response, the next financial authorities are expected to ramp up efforts to carefully balance sizable fiscal stimulus with an accommodative monetary policy. On the monetary front, the Bank of Korea responded swiftly last week, cutting its key rate from 2.75 percent to 2.5 percent in an effort to stimulate spending. Kim Jin-wook, an economist at Citigroup, noted that Korea's economic outlook remains challenging, expecting deeper cuts this year. 'We expect the Bank of Korea to pursue a rate-cutting cycle, with a 25-basis point cut each in August 2025, November 2025 and February 2026, toward a 1.75 percent terminal rate,' he said. Kim warned that the cumulative negative effect of US tariffs on Korea's gross domestic product growth for 2025-26 is projected to be among the most severe, compared to other major economies. The upcoming administration is already contemplating at least 30 trillion won ($21.8 billion) in a second extra budget, prioritizing rapid deployment in sectors like small business, construction and social programs. If the supplementary budget is enacted, the growth rate could increase by 0.4 to 0.5 percentage point, according to an estimate from the Hyundai Research Institute. Based on the BOK's growth outlook, this could raise the forecast to the low 1 percent range. The new government's focus on fiscal stimulus is expected to target immediate needs, including supporting small retailers, which are suffering from declining consumer sentiment and soaring rent and labor costs. Infrastructure and urban renewal projects are set to receive prioritized investments to generate quick employment and economic activity. Tariff battle and tech leadership Korea's industrial sector faces its own set of urgent challenges with the escalation of US-led tariffs, initially targeting autos, steel and aluminum has already begun to hit exports hard. In May, shipments to the US shrank sharply, with auto exports plunging 32 percent annually and steel, auto parts also experiencing double-digit declines. The risk of future US measures raising tariffs to 50 percent remains a concern, especially for the steel industry, which accounts for about 13 percent of Korean exports. Negotiations with the US, which began in April, are focused on creating a 'July Package' that could lift tariffs before the current suspension expires on July 8, potentially saving key industries from further damage. Beyond trade issues, Korea must bolster its strategic industries such as semiconductors and artificial intelligence. Semiconductors, long a backbone of Korea's export-driven economy, have seen a global market share decline over the past five years, according to the Korea Institute for International Economic Policy, despite various government support measures, including tax credits for R&D. Experts argue that these measures need to be significantly enhanced, with increased subsidies and incentives to match those offered by the US, Japan and China. Artificial intelligence is also an area the new administration should swiftly address, as it represents both a key driver of future economic growth and a critical component of national competitiveness in the era of digital transformation. 'Regulatory reform must go beyond rhetoric. The new president should maintain the existing system which evaluates regulations that are in place, not just imposing new ones,' said Yang Jun-seok, an economics professor at Catholic University of Korea. Removing unnecessary regulations will be part of the foundation for nurturing Korea's next-generation industries in emerging sectors such as AI, robotics and biotechnology, according to Kim Tae-il, a public administration professor at Korea University. "With global competitors accelerating support for these strategic technologies, Korea cannot afford to fall behind."
Korea Herald
3 days ago
- Korea Herald
While Kim courts capital, Lee campaigns in industrial Southeast
With just two days to go to the presidential election, the three leading candidates on Sunday hurtled through rival strongholds and their own home turfs alike to lure undecided voters. Democratic Party of Korea candidate and front-runner Lee Jae-myung revisited the conservative strongholds of Daegu and the wider Gyeongsang region, a day after former President Park Geun-hye made an appearance to lend her support to the People Power Party's Kim Moon-soo. Despite a long history as the conservative stronghold, several recent opinion polls have showed a relatively narrow gap between support from voters in the area for Lee and People Power Party candidate Kim, compared to previous elections. Lee began in Andong, his hometown and the capital city of North Gyeongsang Province, vowing to be 'a president for everyone,' at a rally held in the morning. 'If you give me the opportunity, I won't become a 'half president' that divides the country by relying on one side and oppressing another, but rather a president for everyone that brings all people to one,' he said. Lee stopped by Daegu around noon, where he stressed that the upcoming election would be a "judgment for the forces of insurrection,' taking a jab at former President Yoon Suk Yeol's failed Dec. 3 martial law and the faction within the People Power Party that supported him. Lee stopped by Ulsan hours later. He was set to wrap up his itinerary for the day in Busan, according to campaign staff. The last stop of his campaign trail, scheduled for Monday, is expected to be Seoul's financial and political hub of Yeouido, sources close to the matter said. In a separate Facebook post Sunday, Lee expanded on earlier pledges to revitalize regional economies of major cities in the Gyeongsang region, including the port cities of Busan and Ulsan, vowing to establish a state-run investment bank focused on funding local development projects. 'I plan to pursue the establishment of the 'East-South Investment Bank' for the recovery of competitiveness of the Busan, Ulsan and South Gyeongsang region and lead their sustainable growth,' Lee said via Facebook. Lee has said he plans to swiftly transform Busan into a strategic gateway for emerging Arctic maritime trade. Kim, meanwhile, made several stops in the Greater Seoul area, including Gyeonggi Province, where he served as governor from 2006 to 2014. He appeared at a rally in Suwon, where he ramped up his criticism of Lee — who was also governor of the province from 2018-21 — and reiterated his apology for Yoon's martial law. 'Only your vote can make South Korea upright and create a just democracy,' Kim told the crowd gathered at his rally. 'If someone who is bound to go to prison becomes the president of this country, then this country will merely become a bundle of crimes,' he added. Lee faces five ongoing criminal trials on 12 charges, including subornation of perjury and election law violations. Regarding the Dec. 3 martial law bid, he said that Yoon's move affected the country 'with several hardships' and he and the People Power Party 'reflect on it deeply.' In the afternoon, Kim appeared near Coex in Gangnam-gu, where he said South Korea's possibility of being ruled by a "monstrous dictatorship" under Lee was a "bigger problem" than Yoon's martial law bid. "South Korea's democracy is at a crisis," he said. "Martial law is problematic, but the bigger problem is the concerns that (our country) could head towards a monstrous dictatorship." Kim's remarks come as the former labor minister has struggled to the narrow the gap with Lee in opinion polls. In the latest Realmeter survey released Wednesday, Lee was leading with 49.2 percent, with Kim trailing behind with 36.8 percent. Candidate Lee Jun-seok of the minor New Reform Party came at No.3 with 10.3 percent. The survey involved 1,003 respondents aged 18 or older. To support Kim, independent conservative candidate Hwang Kyo-ahn dropped out of the presidential race Sunday afternoon. "We must muster all of our remaining powers (to win against Lee), so I will help Lee and support what he does," Hwang said in an interview with a YouTube channel. Kim was to stop by parts of Gyeonggi Province, including Guri and Uijeongbu, before rallying in areas of northern Seoul. His last campaign stop is expected to be the City Hall in central Seoul on Monday, according to campaign staff. Meanwhile, Lee Jun-seok of the minor conservative New Reform Party campaigned at Dongtan Lake Park in Hwaseong, Gyeonggi Province. He pledged to cater to voters in their 30s and 40s — the average age of residents in Dongtan — by listening to their opinions.
