Welfare Spending in South Korea Increased by 130 Trillion Won Over 18 Years South Korea's welfare spending has increased by over 130 trillion won in the past 18 years, primarily due to pension payments. This concentration of funds raises concerns about whether resources are being effectively allocated to other necessary areas. According to a report by the National Fiscal Research Institute, titled 'Trends and Implications of Welfare Sector Finance,' social welfare spending rose from 33.4 trillion won in 2008 to 165.9 trillion won in 2026, an increase of 132.5 trilli May 8, 2026

Ruling Coalition Calls for Legislative Reform of Criminal Procedure Law On May 8, the ruling coalition, led by the Democratic Party and the Innovation Party, argued for the need to reform the Criminal Procedure Law during a discussion forum. They expressed concerns that if prosecutors lead the reform, they might regain investigative powers, emphasizing the necessity for proactive legislative measures by the National Assembly. Democratic Party lawmakers Kim Yong-min and Kim Young-ho, along with Innovation Party lawmaker Park Eun-jung, held a forum titled "Dire May 8, 2026

950 Young Entrepreneurs Launch New Ventures with K-Unicorn Support The Small and Medium Business Administration (SMBA) held the "2026 Startup Launch Ceremony" to support the growth of K-Unicorn companies, which are privately held firms valued at over $1 billion. On May 8, the SMBA announced that the event was organized to celebrate the successful start of 950 young entrepreneurs who joined the 16th cohort of the Youth Startup Academy, the 7th global program, and the 1st deep tech program this year.The first part of the event featured a symposium where alum May 8, 2026

Oh Se-hoon Blames Lee Administration for Soaring Housing Prices in Seongdong Park Yong-chan, spokesperson for Oh Se-hoon, the People Power Party's candidate for Seoul mayor, questioned Jeong Won-o, the Democratic Party's candidate, on May 8 regarding the soaring housing prices and rental crisis in Seongdong. "Is this Jeong's responsibility, or is it due to the Lee Jae-myung administration's flawed real estate policies?" he asked. Park criticized Jeong for blaming Oh, who served as Seoul mayor for five years, for the current housing crisis. He argued that if Jeong May 8, 2026

Woori Bank to Manage 886 Trillion Won of National Pension Fund's Foreign Assets Woori Bank has been selected as the preferred bidder to manage the National Pension Service's (NPS) foreign assets, totaling 886 trillion won. The announcement was made on May 8, marking the first selection of a foreign currency custodian bank since 2021. The contract will run from August 2026 to July 2031.The foreign currency custodian bank will oversee foreign exchange transactions, the opening and closing of foreign currency accounts, and the management of foreign funds during the NPS's overs May 8, 2026

April Apartment Sales Reach Highest Level in 3.5 Years Last month, the number of private apartment sales in South Korea reached its highest level in three and a half years. While supply surged, many analysts view this as a backlog of delayed projects rather than a true market recovery. However, there are signs of supply normalization as annual sales plans increase. According to an analysis by Realhouse, a property evaluation firm, 24,315 private apartments were supplied nationwide in April, marking a 117.3% increase from March's 11,188 units. May 8, 2026

Hyundai Motor Group Appoints Choi Jun-young as Head of Labor Policy Hyundai Motor Group has appointed Choi Jun-young, president of Kia, as the head of its labor policy division. On May 8, the group announced several executive appointments aimed at strengthening labor and production operations. Choi will oversee the policy development department, which is tasked with responding to the rapidly changing labor environment, including the implementation of the Yellow Envelope Law (amendments to Articles 2 and 3 of the Labor Union Act). Choi is recognized fo May 8, 2026

Tesla Model Y Becomes First to Pass New ADAS Test in the U.S. Tesla's Model Y has become the first vehicle to pass the U.S. government's new Advanced Driver Assistance Systems (ADAS) test. On May 8, Reuters reported that the National Highway Traffic Safety Administration (NHTSA) announced the 2026 Model Y as the first vehicle to successfully complete the new ADAS evaluation. This assessment is part of NHTSA's New Car Assessment Program (NCAP) and was implemented for the 2026 model year. The evaluation applies to Model Y vehicles produced after Nov May 8, 2026

Google Allows AI Tools in Software Engineer Interviews Google is piloting a new approach in its software developer interviews that allows candidates to use artificial intelligence (AI) tools. This initiative aims to assess not only coding skills but also the ability to leverage AI for problem-solving and result verification. On May 8, Business Insider reported that Google is revising its software engineer interview process based on internal documents. The company is testing the use of AI assistance in certain coding interview stages. Initiall May 8, 2026

Jung Cheong-rae Criticizes Opposition for Boycotting Constitutional Vote Jung Cheong-rae, leader of the Democratic Party, criticized the opposition People Power Party on May 8 for its absence during the previous day's constitutional vote, calling it "cowardly." During a Supreme Council meeting in Songpa, he stated, "It is cowardly to claim that the content of the constitutional amendment is not strongly opposed and to call it rushed. They should just say they oppose it." He added that such behavior raises concerns about the party's constitutionality. Han May 8, 2026