Latest news with #ConstructionTechnologyPromotionAct
Korea Herald
28-04-2025
- Business
- Korea Herald
Enhancing workplace safety, employment of older adults
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 Construction Technology Promotion Act Proposed by Rep. Yoon Jong-kun (Democratic Party of Korea) ● To prevent fatal construction site accidents and enhance accountability among construction companies, this amendment establishes a legal basis for disclosing information related to fatal accidents, including the name of the construction company, the project name and the number of fatalities. Proposed Bill: Partial Amendment to the Act on Promotion of Information and Communications Network Utilization and Information Protection Proposed by Rep. Cho In-cheul (Democratic Party of Korea) ● This amendment increases the responsibilities of domestic agents of foreign online platforms, such as Google and YouTube, by requiring them to report their plans, status, and outcomes of compliance with Korean Communications Commission orders. Pending Bill: Partial Amendment to the Act on Prohibition of Age Discrimination in Employment and Elderly Employment Promotion Proposed by Rep. Kim Wi-sang (People Power Party) ● This amendment requires employers to provide continued employment in line with the national pension eligibility age, while leaving the choice of specific measures -- such as extending the retirement age or rehiring retired employees -- up to each company. Promulgated Bill: Enforcement Decree of the Act on the Employment Improvement of Construction Workers Competent Authority: Ministry of Employment and Labor ● This bill lowers the contract price threshold for requiring contractors in publicly ordered construction projects to pay subcontractor wages separately from other construction costs -- from 50 million won to 30 million won -- to prevent wage delays. Administrative Announcement: Partial Amendment to the Commercial Act Competent Authority: Ministry of Justice ● This amendment allows the statutory interest rate to be adjusted based on economic indicators such as interest and inflation rates, aiming to respond more flexibly to changing economic conditions and minimize unfair gains or losses for creditors and debtors. —
Korea Herald
17-03-2025
- Business
- Korea Herald
Reinforcing construction firms accountability, high-tech strategic industries
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 Construction Technology Promotion Act Proposed by Rep. Park Yong-kab (Democratic Party of Korea) ● This amendment requires the quarterly disclosure of construction firms where fatal industrial accidents have occurred, aiming to enhance the accountability of firms and encourage them to strengthen safety measures at construction sites. Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Kim Sang-hoon (People Power Party) ● This amendment aims to curb stock volatility driven by widespread fictitious subscriptions and short-term trading by institutional investors. It enables a pre-investment survey to gauge investors' interest in initial public offerings and introduces the Cornerstone Investor Program, which pre-allocates publicly offered shares to institutional investors who commit to holding them for a set period. Pending Bill: Partial Amendment to the Housing Act Proposed by Rep. Han Jun-ho (Democratic Party of Korea) ● Amid rising disputes over construction cost increases due to soaring material costs, this amendment grants housing remodeling associations the right to request verification of construction costs for renovation projects from the Korea Real Estate Board, the Korea Land and Housing Corporation, or local public corporations. Promulgated Bill: Enforcement Decree of the Act on Restriction on Special Cases Concerning Taxation Competent Authority: Ministry of Economy and Finance ● This bill broadens the scope of new growth, source technologies, national strategic technologies eligible for tax credits on research and human resource development expenses, aiming to strengthen support for high-tech strategic and prospective future industries. Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on the Improvement of Urban Areas and Residential Environments ● To accelerate reconstruction and redevelopment projects, this amendment requires local governments to notify the reconstruction inspection implementation plan within 30 days of receiving an inspection request, without conducting on-site inspections.
