In March 2023, the government issued a draft of the Revised Law on Social Insurance (“Draft Law“) for public comments. The Draft Law will be available for public comments until 30 April 2023.
The Draft Law presents a number of notable changes to the currently applicable regulations that may bring about a significant impact if they are eventually approved in the final version of the Draft Law.
Below is a summary of major updates under the Draft Law.
Enterprises should review the proposed changes carefully. If you would like to submit comments on the Draft Law, please send them to us for consolidation with other commentary. We are working closely with the advocacy teams of various different chambers of commerce and business associations regarding the submission of comments on the Draft Law.
If you would like to discuss any issues concerning these potential insurance policies and their impact in detail, as well as how our Firm can help your business deal with the proposed changes if they are approved, please do not hesitate to contact us.
We will promptly inform you should there be any further development regarding these matters.
1. Stricter sanctions for violations of social insurance regulations
The Draft Law proposes the introduction of various new liabilities and sanctions on employers that violate compulsory social insurance regulations, including the following:
Lee Won-taek, governor of North Jeolla Province, has been referred to prosecutors on charges of publishing false information by claiming he had personally paid for meals for himself and his aides ...