Public Institutions Tighten Hiring Standards for Non-Regular Workers Public institutions are making it more difficult to hire non-regular workers. The government is expanding the pre-screening process for hiring non-regular workers to include subsidiaries and affiliated organizations, as well as assessing the necessity of fixed-term hiring and the allocation of budgets for improving working conditions. This move aims to curb the abuse of non-regular employment in the public sector and reinforce the principles of regular hiring. On May 29, the Ministry of Em May 29, 2026

April Mortgage Rates Drop 0.03% for First Decline in Seven Months Mortgage rates for housing loans fell last month for the first time in seven months. The share of fixed-rate loans dropped below half, reaching its lowest level in four years and nine months. According to the Bank of Korea's "Weighted Average Interest Rate" statistics released on May 29, the weighted average mortgage rate for new loans at deposit banks was 4.31% in April, a decrease of 0.03 percentage points from the previous month. This marks the first decline since October of last year. May 29, 2026

April Foreign Currency Deposits Increase by $8.5 Billion as Investors Expand Deposits Last month, foreign currency deposits held by domestic residents increased by over $8.5 billion, rebounding after a record decline the previous month. According to the Bank of Korea's report on 'Trends in Resident Foreign Currency Deposits' released on May 29, the balance of foreign currency deposits held by residents at foreign exchange banks was recorded at $110.68 billion as of the end of April. Resident foreign currency deposits refer to deposits made by Korean nationals, domestic May 29, 2026

South Korea Launches AI-Based Cyber Threat Response System The South Korean government is establishing a nationwide cybersecurity framework to address the increasing cyber threats associated with the rise of generative artificial intelligence (AI). With the potential for high-performance AI to automate vulnerability discovery and attacks, the government aims to create an AI-based security system in collaboration with the private sector. On May 29, the Ministry of Science and ICT (MSIT) announced the 'Private Sector Cybersecurity Promotion Plan to May 29, 2026

South Korea's Culture Minister Vows to Crack Down on Illegal Webtoon Site 'Newtoki' "'Newtoki' has struck again. However, we will not be caught off guard. We will pursue and block it in any form," said Choi Hwi-young, South Korea's Minister of Culture, Sports and Tourism, on May 28. He pledged to relentlessly track down the country's largest illegal webtoon and web novel distribution site, 'Newtoki', and warned that legal action would be taken against content delivery network (CDN) providers that support such illegal operations. During the 3rd meeting of the Cultural Art May 29, 2026

Xiaomi Launches 17T Smartphone with Leica Camera Features Xiaomi has introduced its new smartphone, the 17T, featuring a Leica camera and artificial intelligence (AI) photography capabilities, priced around 700,000 won (approximately $530). This launch is expected to intensify competition in the mid-range AI smartphone market, which has been dominated by premium devices in South Korea. On May 29, Xiaomi Korea officially launched the flagship smartphone Xiaomi 17T and began pre-orders. Official sales will start on June 5 through Xiaomi Korea's of May 29, 2026

Government Revenue from Public Charges Decreased by 3.3% Last Year Last year, a decrease in tobacco export volume led to a reduction in the National Health Promotion Charge, while a rate cut also lowered the burden from the Power Industry Fund. As a result, the total public charges collected by the government fell by 3.3% compared to the previous year. On May 29, Vice Minister Lim Gi-geun chaired the third meeting of the Public Charge Management Committee, where the "2025 Comprehensive Report on Public Charge Management" was finalized. This report will be May 29, 2026

Korea's Electric Equipment Sector Positioned as Key Export Industry Yeo Han-goo, the head of the Trade Negotiation Bureau at the Ministry of Trade, Industry and Energy, stated on May 29 that despite increasing volatility in exports due to factors like the Middle East conflict and U.S. tariff policies, South Korea is turning these challenges into opportunities. He emphasized that electric equipment has established itself as a key export industry for South Korea, and the government will provide comprehensive support to ensure continued growth in exports. Ye May 29, 2026

Seoul's Seosomun Overpass Demolition Resumes, Train Operations Plummet to 73% Demolition work on the Seosomun Overpass in Seoul, which collapsed and resulted in three fatalities, resumed early on May 29, four days after the incident. While the bridge deck and girders have been removed, the demand for transportation ahead of the weekend has caused train operations, including KTX services, to drop to a low of 70%, leading to significant passenger disruptions. On May 29, the Ministry of Land, Infrastructure and Transport announced that all 16 girders, which posed the greates May 29, 2026

Revisiting Housing Regulations: Lessons from the Uijeongbu Fire On the morning of January 10, 2015, black smoke billowed from the center of Uijeongbu, Gyeonggi Province. A fire that started on the first floor of an urban residential building spread to the upper floors and then to an adjacent building. Residents were forced to flee to the roof, where they were rescued by firefighting helicopters. Among the 170 residents in the affected area, nearly 130 were killed or injured. The fire was caused by a short circuit from a motorcycle parked on the first May 29, 2026