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  • Jeonju City Tour Offers Half-Price Summer Promotion
    Jeonju City Tour Offers Half-Price Summer Promotion Jeonju, North Jeolla Province, is launching a special discount event for its city tour, allowing visitors to explore major attractions at a reasonable price during the summer vacation and holiday season.The city announced on August 1 that it will offer a 'Summer Special Event' for the 'Jeonju City Tour' with a 50% discount on the fare, bringing it down to 5,000 won for the entire month of August.This 'Summer Special Course,' which departs every Wednesday and Saturday, includes visits to healing spots near Jeonju, such as Deokjin Park & Yeonhwa Library, Jeonju Hanok Village, Jeonju Arboretum, and the Sanggwan Cypress Forest, allowing participants to enjoy a full day of sightseeing.Notably, this summer course has added the 'Yeonhwa Library,' a tranquil hanok-style library, to enhance the experience of a refreshing and leisurely healing trip during the vacation season.The 'Jeonju City Tour' is a themed travel product designed to showcase Jeonju's main tourist attractions in a single day, aimed at maximizing tourist attraction and revitalizing the local economy.The city operates various courses throughout the year based on different seasons and themes to highlight Jeonju's unique charm.It has received consistent praise from users for its well-planned courses and excellent value for money.Jeonju Selected as Outstanding Local Government for Winter Welfare Crisis SupportJeonju City announced on August 1 that it has been recognized as an outstanding local government by the Ministry of Health and Welfare in its evaluation of '2025-2026 Winter Welfare Crisis Household Discovery and Support,' which assessed 229 cities and counties nationwide.The Ministry of Health and Welfare selected Jeonju, along with 23 other local governments, including Tongyeong in South Gyeongsang Province and Chungju in North Chungcheong Province, based on comprehensive evaluations of their performance in discovering and supporting welfare blind spots, support systems, public-private cooperation, and the effectiveness of welfare service connections.Jeonju received high marks for establishing a robust winter welfare safety net during the last winter (November 2025 to March 2026) and actively promoting the proactive discovery of crisis households and public-private cooperative support.The city identified vulnerable groups using kerosene and briquettes for heating and implemented the 'Warm Energy Sharing' project, providing briquettes and kerosene to 175 households facing heating crises.Additionally, through collaboration with the Jeonbuk Regional Postal Service, Jeonju initiated the 'Warm Greetings Delivery' project, where postal workers check on the well-being and health of elderly individuals living alone, leading the way in discovering crisis households closely tied to daily life.In the area of discovering welfare resources through public-private cooperation, Jeonju has closely collaborated with the Jeonju Welfare Foundation, local community service councils, and the Jeonbuk Community Chest of Korea, resulting in a 162.3% increase in donations, totaling 1.56 billion won compared to the previous year, thereby promoting a culture of giving.* This article has been translated by AI. 2026-08-01 11:04:00
  • Imsil County Tightens Integrity Measures During Summer Vacation
    Imsil County Tightens Integrity Measures During Summer Vacation Imsil County in North Jeolla Province announced on August 1 that it will issue an 'integrity advisory' until the end of the month to prevent laxity in public service discipline during the summer vacation season and to foster a culture of integrity.This integrity advisory aims to preemptively address potential corruption and breaches of decorum that may arise during the summer vacation period when public officials may become complacent.Key measures include: prohibiting private contact with job-related individuals (such as during travel or golf), banning the acceptance of any gifts or favors related to vacation expenses and accommodations from job-related individuals, prohibiting excessive drinking, drunk driving, gambling, assault, and sexual offenses that could damage decorum while on vacation, and preventing delays or neglect in processing civil complaints under the pretext of vacation.The county will share the contents of the integrity advisory with all employees through an internal administrative bulletin and will conduct special inspections to reinforce public service discipline.Additionally, the county plans to hold individuals accountable if any violations are detected.County Mayor Han Deok-soo stated, “Integrity is the most fundamental value of public officials in maintaining the trust of the citizens. I hope all employees will maintain their sense of responsibility and integrity during the vacation period and work together to create a public service culture that earns the trust of the citizens.”In addition to issuing the integrity advisory, the county is making various efforts to promote a culture of integrity, including integrity training for all employees, operating a clean committee, managing a corruption and public interest reporting center for public officials, and conducting a relay of integrity messages.In the integrity assessment by the Anti-Corruption and Civil Rights Commission, Imsil County received a grade of 3 in 2024 and 2025.Construction of Leaf Tobacco Drying Facility... Strengthening Production BaseImsil County announced on August 2 that it has successfully completed the '2026 Leaf Tobacco Joint Utilization Facility Construction Support Project' aimed at establishing a stable production base and improving quality for leaf tobacco farming households.This project was initiated to ensure stable drying conditions for leaf tobacco.The county invested a total of 145 million won, including 36 million won from the county budget, to construct a 358.8 square meter (approximately 108 pyeong) leaf tobacco drying facility for the Jeonbuk Tobacco Production Cooperative, thereby establishing a joint utilization facility.The newly established leaf tobacco drying facility is expected to enhance the efficiency of drying operations and minimize quality degradation due to weather conditions, contributing to the establishment of a high-quality leaf tobacco production base.Leaf tobacco is made by drying whole leaves without cutting them. According to KT&G's 2025 integrated report, the domestic purchase volume of leaf tobacco decreased from 8,013 tons in 2021 to 7,224 tons in 2022, 6,240 tons in 2023, and 5,876 tons in 2024. Last year, it rebounded to 6,773 tons, an increase from the previous year.* This article has been translated by AI. 2026-08-01 11:00:00
  • Tomato Festival in Hwacheon Expands to 10 Days, Attracts Large Crowds
    Tomato Festival in Hwacheon Expands to 10 Days, Attracts Large Crowds “Things have really changed this year.” The 2026 Hwacheon Tomato Festival kicked off on July 31 with a vibrant pre-festival event, showcasing a new look compared to previous years. The concert venue was filled to capacity even before the official opening, and food stalls and activity areas were bustling with early visitors. The festival has been extended from three days to ten, and the layout has been redesigned, changes that were evident throughout the venue. At 5 p.m. on July 31, the area around the Hwacheon County Sain Sports Park was already busy, with cars streaming in and the parking lot quickly filling up. Buses carrying fans of celebrity performers arrived, and families with children holding balloons made their way to the entrance. Inside the venue, the atmosphere was electric. The local produce market was crowded with customers even before the opening, and finding a seat under the umbrellas was a challenge. Laughter from children echoed around the mini water play area, while the sheep experience at Daeseong Ranch attracted many young visitors and families. The misting stations and expanded shaded areas were also popular among attendees. By 6:50 p.m., the seating in front of the main stage was nearly full. The host engaged the audience, building excitement as traditional performances and the 'Dokdo Arirang' tune played, heightening the festival's energy. Final checks were underway throughout the venue. Officials, including Yang Jun-seop, head of the tourism policy department, and Lee Tae-hoon, head of the education and welfare department, were busy ensuring facilities and safety measures were in place for the opening. As the opening approached, the concert hall was packed with attendees. VIP seats were filled, and soldiers, residents, and tourists waved glow sticks and fanned themselves in anticipation of the festival's start. During the opening ceremony, Jo Woong-hee, chair of the Hwacheon County Council, stated, “Today’s stars are the tourists, the soldiers of the Victory Unit, and the residents of Hwacheon.” He encouraged everyone to promote the festival and support Hwacheon’s clean agricultural products. Im Oe-taek, commander of the Army's 15th Infantry Division, expressed nostalgia for attending the tomato festival after 20 years, promising continued support for the festival's success. Hwacheon County Mayor Kim Se-hoon highlighted the festival's changes aimed at boosting the local economy. He noted, “We moved the festival from the previous road to this location and extended the duration from three days to ten. This change will help local businesses and tomato farmers increase their income.” He added, “If this year’s festival is successful, we will make it even bigger and longer next year to support both farmers and the local economy. Enjoy the festival for ten days and please spend locally.” The event was attended by key figures including National Assembly member Han Gi-ho, Mayor Kim Se-hoon, Moon Young-joo, chair of the Hwacheon Tomato Festival Promotion Committee, Park Dae-hyun, chair of the Gangwon Special Self-Governing Provincial Council, and Jo Woong-hee, chair of the Hwacheon County Council, who all celebrated the festival's opening. As singer Kim Da-hyun was appointed as the Hwacheon County ambassador, the venue erupted in cheers and applause. The opening declaration was followed by a spectacular fireworks display that lit up the night sky, with attendees capturing the moment on their phones. Kim Da-hyun’s performance further elevated the festival atmosphere. Even after the show ended, the audience remained, applauding and expressing their excitement for the festival, which will run until August 9. This year’s pre-festival event was not just a simple opening ceremony but a demonstration of the festival's operational changes. The relocation of the venue and the extension of the festival duration aim to encourage longer stays and increased spending, as evidenced by the large crowds that filled the venue from the very start of the summer festival in Hwacheon. 2026-08-01 10:44:00
  • U.S. and Israel Plan Major Strikes on Irans Energy Infrastructure
    U.S. and Israel Plan Major Strikes on Iran's Energy Infrastructure U.S. and Israeli forces are reportedly planning one of the most extensive airstrike operations targeting Iran's energy infrastructure this weekend, August 1-2, according to U.S. media reports on July 31. Iran has warned that if attacks occur, it may retaliate against U.S. energy facilities in the region.According to a report by Yonhap News Agency citing CBS, U.S. officials have discussed the possibility of concluding the operation before the financial markets open on August 3, due to concerns about the impact on both the U.S. and global economies. However, a specific end date has not yet been confirmed.The airstrike plans have already been communicated to Israel, which had previously halted attacks on Iran following a ceasefire in June. Both sides are continuing discussions to execute the operation.CBS reported that President Donald Trump has not yet given final approval for the airstrikes.In contrast, The Wall Street Journal cited U.S. officials stating that President Trump has directed new attacks aimed at subduing Iran, with operations expected to begin this weekend and continue for several days.Officials indicated that President Trump approved the new attack plans while at his vacation retreat. However, they also noted that if diplomatic progress is made, the attacks could be postponed in favor of negotiations, or the president might reverse his decision.While the two reports differed on whether President Trump had approved the airstrikes, they both confirmed that a significant operation against Iran is being planned for this weekend.In response to the potential U.S. attacks, Iran has issued a warning, stating, "We have prepared a comprehensive response plan to counter the reckless actions of the United States."A senior Iranian security official told TASS that claims by U.S. media regarding potential attacks by the U.S. and the Zionist regime (Israel) are a form of madness. He asserted, "We have developed a broad response plan that includes not only the core infrastructure of the Zionist regime but also U.S. energy infrastructure in the region, and we are fully prepared."He added, "The Iranian military has demonstrated its capability and resolve to carry out such actions through the 40-day war and recent conflicts." The 40-day war refers to the conflict between the U.S.-Israel coalition and Iran that began on February 28 and ended with a ceasefire on April 8.The focus of the airstrikes on Iran's energy infrastructure, including oil and gas facilities and power plants, is expected to further escalate tensions. The export of energy resources is a key industry supporting Iran's economy, and power plants are essential for national operations and the daily lives of its citizens. Attacks on these facilities could significantly impact the Iranian regime, likely prompting a stronger response from Iran.Previously, President Trump threatened via social media to bomb Iran's bridges and power plants in retaliation for attacks on vessels in the Strait of Hormuz. 2026-08-01 10:44:00
  • Koreas July exports hit record near $99 billion as chips soar
    Korea's July exports hit record near $99 billion as chips soar SEOUL, August 01 (AJP) - South Korea’s exports reached a record high in July, driven by a sharp increase in semiconductor shipments and broad gains across most major export items, the industry ministry said Saturday. Outbound shipments jumped 62.8 percent from a year earlier to $98.89 billion in July, while imports rose 26.5 percent to $68.56 billion, according to the Ministry of Trade, Industry and Energy. The country posted a trade surplus of $30.32 billion, remaining above the $30 billion mark for the second straight month. Semiconductor exports surged 179 percent on-year, while exports excluding chips rose 26 percent. Average daily exports, adjusted for working days, climbed 69.6 percent to $4.12 billion, staying above $4 billion for the third consecutive month. All major information technology items posted gains. Semiconductor exports remained above $40 billion for the second straight month as memory chip prices continued to rise, despite concerns over Apple’s possible use of Chinese memory chips and China’s release of a new artificial intelligence model. Computer exports also continued to grow at a high rate, led by enterprise solid-state drives amid expanding investment in AI infrastructure. Wireless communication devices performed strongly on robust sales of premium smartphones, including the Galaxy S26, despite pressure from higher chip prices. Display exports also increased. Mobility exports extended their growth streak to six months, supported by strong sales of eco-friendly vehicles, including hybrid cars, and a base effect from changes in the timing of summer holidays at major automakers. Ship exports also increased on larger shipments of liquefied natural gas carriers and tankers. Exports of petroleum products and petrochemicals increased in value terms, helped by higher prices, but shipment volumes declined amid continued tensions in the Middle East. Petroleum product export volume fell 8.8 percent, while petrochemical export volume dropped 9.1 percent as domestic supply was prioritized. Steel exports increased for the second month in a row, supported by U.S. demand for AI data centers and oil pipeline replacement projects. The gain came despite the European Union’s tariff-rate quota system. Biohealth products, cosmetics and agricultural and fisheries products all set July records. Biohealth exports rose on higher market shares for biosimilar products and increased supply volumes to Europe. Cosmetics exports were supported by expanded offline distribution in the United States and Europe, while food exports were led by ramen, snacks and kimchi. By region, exports increased to eight of South Korea’s nine major export destinations, with the Commonwealth of Independent States the only region to post a decline. Exports to China jumped 96.2 percent to $21.68 billion, exceeding $20 billion for the second straight month. Strong shipments of semiconductors, nonferrous metals and petroleum products offset weakness in petrochemicals and general machinery. Exports to the United States rose 68.7 percent to $17.43 billion. Semiconductor, computer, electrical equipment and steel exports increased on expanding AI data center investment, although automobile exports declined due in part to increased local production. Shipments to ASEAN countries rose 73.7 percent to $18.8 billion, while exports to the European Union climbed 55.7 percent to $9.38 billion. Both marked record highs, led by major items including semiconductors, computers and ships. Exports to the Middle East increased 24.7 percent to $1.83 billion on strong shipments of general machinery, petrochemicals and wireless communication devices. Exports to Japan, India and Latin America rose 11 percent, 45 percent and 26 percent, respectively, while shipments to the CIS fell 9 percent. Imports rose 26.5 percent to $68.56 billion in July. Energy imports jumped 50.1 percent to $14.48 billion, while non-energy imports increased 21.4 percent to $54.08 billion. Crude oil imports rose 54.2 percent to $9.3 billion as both volume and prices increased. The cumulative trade surplus for the January-July period reached $168 billion, up $134.1 billion from a year earlier. “July exports remained strong in the $90 billion range despite the start of the second half,” Trade, Industry and Energy Minister Kim Jung-kwan said. “The result was supported by continued strength in semiconductors, gains in 19 of the 20 major export items and a 26 percent increase in non-chip exports.” Kim cautioned that export conditions are expected to remain challenging due to new U.S. tariff measures under Section 301 of the Trade Act, stronger protectionism in major economies and uncertainties in the Middle East. “The government will closely monitor conditions by major item and market, while mobilizing all available policy tools so that Korean companies can respond in a timely manner to changes in the trade environment, including tariffs and non-tariff barriers,” he said. 2026-08-01 10:22:46
  • Fed Chair Kevin Warsh Considers Reducing FOMC Meeting Frequency
    Fed Chair Kevin Warsh Considers Reducing FOMC Meeting Frequency Kevin Warsh, Chair of the U.S. Federal Reserve, is considering reducing the frequency of meetings held by the Federal Open Market Committee (FOMC) that determine interest rates.According to a report by Yonhap News Agency citing the New York Times (NYT), Warsh mentioned the possibility of changing the meeting frequency during the FOMC's regular meeting held on July 28-29. The NYT reported this based on information from four sources familiar with the discussions.Currently, the Fed holds FOMC meetings eight times a year, approximately every six weeks, to decide on interest rates and other monetary policies. Following these meetings, a statement regarding interest rate decisions is released, and in some instances, a press conference with the Chair is conducted. Detailed minutes of the meetings are published three weeks later.If the number of meetings is reduced, it would mark a significant change in the operation of the U.S. central bank, which adopted the 'eight meetings a year' system during Paul Volcker's tenure in 1981.The Banking Act of 1935, which defines the current structure of the Fed, mandates that the FOMC hold a minimum of four meetings annually, so a reduction in the number of meetings would not pose any legal issues.However, concerns have been raised that fewer meetings could lead to a decrease in opportunities to make monetary policy decisions, potentially delaying responses to changes in inflation and employment conditions.Additionally, the NYT pointed out that a reduction in meetings could diminish the policy signals provided to the market and the public through post-meeting statements and press conferences, potentially reversing decades of increased transparency.Since taking office in May, Warsh has been advocating for reforms in the Fed's communication strategies and limiting forward guidance on future monetary policy, aiming to overhaul communication methods and overall organizational operations.The Fed is currently forming a task force of external experts to review issues across five areas, including communication, data, and the balance sheet.The Fed declined to comment on this matter, according to the NYT.* This article has been translated by AI. 2026-08-01 10:08:00
  • BNK and iM Financial Groups Strengthen Consumer Protection Efforts
    BNK and iM Financial Groups Strengthen Consumer Protection Efforts As the financial sector intensifies its focus on consumer protection, regional financial groups are also taking steps to improve governance and develop specialized personnel.According to the financial sector on August 1, BNK Financial Group has established a Financial Consumer Protection Committee under the board of directors for BNK Busan Bank and BNK Gyeongnam Bank. This move aims to directly review and supervise key policies and decisions related to consumer protection at the board level.The independence and authority of the Chief Consumer Protection Officer (CCO) have also been strengthened. From now on, the appointment and dismissal of the CCO will be decided directly by the board, with a guaranteed term of two years.BNK Financial is also conducting a 'Return to Consumers Challenge Contest' for employees across all subsidiaries. This competition invites participants to identify unfavorable business practices and various inconveniences for consumers and propose improvement measures. Outstanding suggestions will be incorporated into actual business processes.Meanwhile, iM Financial Group is participating in a 'Financial Consumer Protection Training Program' organized by the Korea Financial Training Institute to enhance its consumer protection capabilities at the group level.Key personnel responsible for consumer protection from major subsidiaries, including iM Bank, iM Securities, iM Life, iM Capital, and iM Asset Management, are participating in this training. The program focuses on designing key performance indicators (KPIs) centered on consumer protection, evaluations by the Financial Supervisory Service, and strategies for handling complaints and disputes.iM Financial plans to reorganize the consumer protection framework for each subsidiary and establish ongoing communication channels among responsible personnel to enhance the group's response capabilities.Hwang Byeong-woo, Chairman of iM Financial Group, stated, “Consumer protection is a core competitiveness for the sustainable growth of financial companies and the starting point for customer trust. We will internalize consumer-centered values throughout our operations to create a trustworthy financial environment for our customers.”* This article has been translated by AI. 2026-08-01 10:04:10
  • Education Ministry Announces Preliminary Selections for 2026 G-LAMP Program
    Education Ministry Announces Preliminary Selections for 2026 G-LAMP Program The Ministry of Education and the Korea Research Foundation announced the preliminary selections for the 2026 University Basic Research Institute Support (G-LAMP) program on August 1. Four universities have been selected for new support: Jeju University and Yeungnam University from non-capital regions, and Sejong University and Chung-Ang University from the capital region.The G-LAMP program (Global-Learning & Academic Research Institution for Master’s, PhD students, and Postdocs) aims to innovate the support management system for individual research institutes at universities, focusing on large-scale interdisciplinary research in basic science and engineering, as well as nurturing emerging researchers. The program began in 2023.Starting with eight universities in its first year (Seoul National University, Ajou University, Gyeongsang National University, Kangwon National University, Kyungpook National University, Pukyong National University, Busan National University, and Chosun University), the program expanded to six universities in 2024 (Sogang University, Changwon National University, Yonsei University, Chonnam National University, Jeonbuk National University, and Chungbuk National University) and six more in 2025 (Kyung Hee University, Soongsil University, Ewha Womans University, Dong-A University, Soonchunhyang University, and Chungnam National University). This year, four additional universities were added, bringing the total to 24 universities (15 from non-capital regions and 9 from the capital region).With Jeju University’s selection this year, all 10 regional national universities across the country are now participating in the G-LAMP program. This development positions regional universities as key hubs for basic science research and provides strong momentum for nurturing emerging researchers in those areas.The four newly selected universities will receive government funding of 5 billion won annually for up to five years (three years plus two years). The decision on the additional two years of funding and budget will be determined based on a mid-term evaluation conducted in the third year of support.Following the preliminary selection announcement, the Ministry of Education plans to finalize the support recipients after a 10-day objection period. In August, the ministry will review key agreements and implementation plans with each university before signing final agreements, with the program set to commence in September.The ministry aims to cultivate over 1,000 advanced personnel in the basic science field (including 200 emerging faculty and 100 postdoctoral researchers), double the influx of postdoctoral researchers from other universities, and publish more than 20 papers in top-tier journals such as NATURE, CELL, and SCIENCE (within the top 1% of JCR).The four universities selected this year have proposed plans to expand their research scope from pure basic science to applied and advanced technology areas, tailored to their unique characteristics.Sejong University, selected as a Type 1 university in the capital region, will focus on physics, particularly in optics and atomic molecular physics, to secure 'quantum materials and quantum-AI convergence core technologies.' The university aims to establish a world-class quantum convergence research hub by elucidating the fundamental principles of quantum materials and phenomena, and developing core technologies in quantum computing, quantum sensing, quantum information processing, and quantum AI convergence. To achieve this, Sejong University will promote integrated research linking quantum materials, information, computing, and sensing technologies with AI, establishing a comprehensive research platform that supports the entire cycle from quantum data generation to utilization.Jeju University, selected as a Type 1 university in a non-capital region, will pursue 'tropical climate, marine, and ecological convergence research' based on earth science with a focus on marine and polar science. The university plans to establish a global tropical research hub in the Jeju region, which is at the forefront of climate crisis, using it as a 'natural laboratory.' It aims to create a sustainable research ecosystem centered around the 'Tropical Butterfly (NAVI) Research Institute.' Researchers will conduct observational and predictive studies in multi-media environments, including marine, atmospheric, groundwater, and soil, while elucidating the structural changes in ecosystems and biological response mechanisms, and conducting predictive and verification research based on integrated data from 14 detailed projects using AX (AI transformation).Yeungnam University, selected as a Type 2 university in a non-capital region, will utilize electric and electronic-based convergence fields such as AI, big data, and biosensing to establish an 'electronic-bio convergence healthcare platform.' The university aims to address issues related to an aging population and medical disparities by developing an intelligent AI-based platform centered around its industrial technology research institute, and plans to nurture 12 full-time faculty members and 12 postdoctoral researchers. Specifically, it will carry out three overarching and 12 detailed projects, including continuous biosignal monitoring based on implantable microsystems, wearable gait assistance actuation systems, and AI disease prediction based on multimodal big data.Chung-Ang University, selected as a Type 2 university in the capital region, has focused its research on electric and electronic-based convergence fields, including computer networks and nano-convergence materials. The university will establish and operate the 'A-HUMAN Research Institute' under the vision of '20W Intelligence, Beyond Human Limits,' expanding the principles of ultra-low power and high-efficiency in human nervous systems, brains, and muscles into foundational research in electrical, electronic, and communication fields. The institute will promote collaborative research based on four major research axes connecting Neural-Brain-Muscle-Human, institutionalize integrated management of on-campus research institutes and differential support systems, and manage research infrastructure such as semiconductor processing equipment and GPU servers.* This article has been translated by AI. 2026-08-01 10:04:10
  • Legislation Push for Raising Retirement Age to 65 Sparks Concerns Among SMEs
    Legislation Push for Raising Retirement Age to 65 Sparks Concerns Among SMEs The push for legislation to raise the retirement age to 65 is causing heightened tension among small and medium enterprises (SMEs) as the National Assembly aims for passage this summer. Critics warn that implementing a uniform retirement age without proper preparation could lead to a "labor cost disaster" and exacerbate the youth employment crisis.According to industry sources on August 1, SMEs are strongly opposing the proposed mandatory retirement age extension primarily due to the "survival-threatening burden of labor costs." Unlike large corporations and public institutions, most SMEs still operate under a seniority-based wage system. Extending the retirement age would increase the tenure of older, higher-paid workers regardless of productivity, ultimately leading to a surge in overall labor costs.A survey conducted by the Korea Federation of Small and Medium Enterprises last year revealed that 86.2% of SMEs with retirement systems prefer a selective reemployment approach based on job performance and health status, rather than a blanket extension of the retirement age. Only 13.8% supported the uniform retirement age increase.Among the challenges cited by SMEs regarding the retirement age extension, the increase in labor costs was the top concern, with 41.4% of respondents highlighting it as their primary issue.A representative from a manufacturing SME noted, "While 95% of large companies with over 300 employees have retirement systems, only about 30% of small firms with 5 to 9 employees do. Mandating employment until age 65 without considering the realities of small businesses, where early retirement and job changes are common, is tantamount to telling us to close our doors."There are fears that forcing SMEs to retain older workers, despite insufficient labor cost capacity, will reduce opportunities for hiring younger employees.In April of last year, the Democratic Party's Special Committee on Retirement Age proposed a compromise plan to gradually raise the current retirement age of 60 by one year every two years, reaching 65 by 2037. The committee is currently coordinating the timing for the legislation.The SME sector is committed to finding solutions that allow for the coexistence of skilled older workers and the hiring of younger employees. A forum titled "SME Workforce Forum" will be held on August 11 at 10 a.m. in Yeongdeungpo-gu, Seoul, co-hosted by the Small and Medium Business Policy Association, the Korea Federation of Small and Medium Enterprises, and the Small and Medium Business Research Institute. The forum will focus on analyzing the impact of the retirement age extension on SMEs and discussing employment strategies that benefit both younger and older generations.* This article has been translated by AI. 2026-08-01 10:04:10
  • Ministry of SMEs and Startups Holds Work Report Amid Leadership Vacancy
    Ministry of SMEs and Startups Holds Work Report Amid Leadership Vacancy Following the appointment of former Minister Han Seong-sook as Prime Minister, the Ministry of SMEs and Startups has been without a leader for over a month and will begin its work report early this month.According to political sources on August 1, the appointment of a new minister is expected to be clarified shortly after the Democratic Party's convention on the 17th. The prolonged vacancy in the ministerial position, coupled with the timing of the convention, has made it inevitable that appointments for heads of affiliated organizations will also be stalled for the time being.As a result, this month's work report is anticipated to serve as a gauge for assessing the crisis management capabilities and policy execution of its affiliated organizations.The most pressing issue is expected to be the measures to assist small partner companies affected by Homeplus's financial difficulties and delayed payments.Last month, the government announced an emergency liquidity support package totaling 440 billion won for small businesses and partner companies, including those that primarily deal with Homeplus. This large-scale support includes 90 billion won in emergency management stabilization funds through the Korea SMEs and Startups Agency and the Small Enterprise and Market Service, as well as 350 billion won in special guarantees from the Korea Credit Guarantee Fund and the Korea Technology Finance Corporation. Notably, the support limit for small businesses has been significantly increased from 70 million won to 100 million won, with interest rates reduced by 0.5 percentage points.Therefore, this work report will focus on verifying the 'on-site delivery rate' to ensure that the funds are being supplied in a timely manner to partner companies facing bankruptcy, particularly through the Korea SMEs and Startups Agency and the Small Enterprise and Market Service.The handling of key departmental projects and the implementation of livelihood issues will also be important topics of discussion.Recent incidents involving the 'Everyone's Startup' program, including the leak of personal information of first-term participants, will require thorough recovery measures and enhanced security protocols, as well as plans to normalize the delayed recruitment process for the second term. Currently, the Korea Startup Promotion Agency is managing security checks related to the data breach and operating a support center for affected individuals.The Everyone's Startup project received applications from over 63,000 individuals, marking the largest scale in government public offerings, but the personal information leak has overshadowed its success.The Small Enterprise and Market Service is expected to propose measures to alleviate the debt repayment burden on small businesses struggling with high inflation and interest rates, as well as strategies to accelerate the digital transformation of traditional markets and small businesses hindered by an aging population. Plans to diversify sales channels both online and offline to reduce dependence on large distribution networks are also likely to be discussed.With the appointment of the next minister delayed until after the Democratic Party's convention, the domino effect on appointments for heads of affiliated organizations has also come to a standstill. The term of Lee Tae-sik, head of the Korea SMEs and Startups Agency, has already ended, and the terms of Kang Seok-jin, chairman of the Korea SMEs and Startups Agency, and Kim Young-shin, head of the Korea Technology Finance Corporation, are set to expire this month. However, it is expected to be difficult to appoint successors before the new minister takes office.An official from an affiliated organization stated, 'The improvement measures for the Everyone's Startup data leak and the disbursement of emergency management stabilization funds for Homeplus are expected to be key issues in this work report,' adding, 'Since heads of affiliated organizations will also attend the work report, we will ensure thorough preparation.'* This article has been translated by AI. 2026-08-01 10:04:00