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  • Korean Business Group Calls for Major Revisions to National Pension System
    Korean Business Group Calls for Major Revisions to National Pension System To enhance the acceptance of the National Pension System among contributors, there is a call to strengthen the equity between lifetime contributions and benefits. Critics argue that the current benefit structure, which does not consider the fairness of premium payments and is overly focused on income redistribution, undermines the trust in the National Pension System, necessitating innovative improvements.On September 2, the Korea Employers Federation (KEF) released a report titled 'Innovative Measures for Enhancing Public Trust in the National Pension System,' outlining structural improvement tasks across the system, including finance, contribution systems, benefits, and fund management.With the revised National Pension Act, which includes a gradual increase in premium rates and a higher income replacement rate, now in effect, the business community argues that to increase contributors' acceptance of the system, it is essential to secure financial stability while enhancing the equity between lifetime contributions and actual benefits.A KEF official pointed out, "Although the National Pension Act was amended last April to clarify the government's payment guarantees, a public perception survey conducted in November of the same year revealed that 55.7% of respondents did not trust the National Pension System."The KEF identified several key reasons for the lack of public trust in the National Pension, including: a financial foundation that does not reflect demographic changes, a dual premium assessment and collection system based on membership type, a pension reduction system that does not align with social and economic changes, a benefit structure overly focused on income redistribution, and a lack of expertise and independence in fund management governance.To address these issues, the KEF suggests implementing automatic adjustment mechanisms to enhance financial stability and intergenerational equity alongside the reform of parameters. When determining annual pension benefit increases, it is necessary to consider demographic and economic variables such as inflation, increased life expectancy, and a decrease in contributors.Improvements are also needed in the premium assessment and collection system for local contributors. Unlike workplace contributors, local contributors may underreport income or fail to pay premiums consistently. While maintaining the current principle of reported income, it is necessary to strengthen the linkage and verification with tax data from the National Tax Service and to adjust the standard monthly income promptly when there is a significant discrepancy between reported and verified income, suggesting a 'hybrid assessment system.'The pension reduction system should also be improved to reflect social and economic changes. The reduction system for old-age pensions for current employees and the reduction of overlapping benefits between old-age and survivor pensions do not adequately reflect the changed social and economic conditions or the lifetime contributions of members. Therefore, it is necessary to abolish or significantly relax related reduction systems to enhance equity between contributions and benefits.Furthermore, the benefit structure should be redesigned to ensure that those who contribute more receive more. The current National Pension System reflects equal benefits (A value) and proportional benefits (B value) at the same ratio (50:50), leading to significant disparities in income replacement rates based on income levels. The KEF recommends reducing the proportion of equal benefits (A value) and increasing the proportion of proportional benefits (B value) to strengthen the link between contributions and benefits, thereby encouraging diligent premium payments and long-term participation.Additionally, an independent fund management governance centered on investment experts should be established. The Fund Management Committee, the highest decision-making body of the National Pension Fund, is currently composed of stakeholders, including government and contributor representatives, which exposes it to potential external decision-making interference. There are calls to restructure the committee into a permanent body focused on investment and financial experts and to establish a system capable of managing the fund professionally and responsibly.Lee Sang-cheol, head of the KEF's Employment and Social Policy Division, stated, "The low trust in the National Pension, despite the parameter reforms, indicates the need to reassess the fundamental principles and overall operational system of the program. We must improve the system to ensure equitable burdens between generations and that contributors' efforts are fairly reflected in benefits, while also enhancing the professionalism and independence of fund management to transform the National Pension into a system that all generations can trust and rely on."* This article has been translated by AI. 2026-09-02 12:04:00
  • Environmental Startup Competition Expands Focus to Decarbonization
    Environmental Startup Competition Expands Focus to Decarbonization 녹색산업 분야 유망 창업기업을 발굴해 온 환경창업대전이 올해 청정에너지와 탄소저장 등 탈탄소 분야까지 외연을 넓힌다. 366개 과제가 몰려 약 15대 1의 경쟁을 벌인 가운데 25개 팀이 수상팀으로 선정됐다.기후에너지환경부와 한국환경산업기술원은 3일 서울 강남구 빅플레이스에서 '2026 기후에너지환경창업대전'을 개최한다고 2일 밝혔다.2018년 시작된 창업대전은 그동안 환경 분야 창업기업 발굴에 주력해 왔다. 올해부터는 대회 명칭을 기존 '환경창업대전'에서 '기후에너지환경창업대전'으로 바꾸고 청정에너지·탄소저장장치 등 탈탄소 기술까지 발굴 대상을 확대했다.올해 대회는 환경 분야에 한정됐던 창업기업 발굴 범위를 에너지·탄소 감축 분야로 넓힌 첫 대회다. 지난 4월 1일부터 진행된 참가팀 모집에는 총 366개 과제가 접수됐다. 심사를 거쳐 아이디어 부문 12개 팀과 스타기업 부문 13개 팀 등 총 25개 팀이 수상팀으로 선정됐다. 이들에게는 총 1억800만원의 상금과 기후부 장관상 등이 수여된다.최종 순위는 행사 당일 결정된다. 부문별 상위 4개 팀씩 총 8개 팀이 전문 심사위원과 국민평가단 앞에서 발표 경연을 벌여 대상·최우수상·우수상을 가린다.아이디어 부문에서는 현진호·안수호·이재기·김민찬 팀이, 스타기업 부문에서는 파이네코·핵사에너지·포네이처스·초이스랩이 결선에 진출했다. 재생에너지 발전량 예측 오차의 원인과 대응 방안을 제시하는 예측 솔루션과 생물학적 방식으로 탄소 저감과 공기 정화를 동시에 구현하는 시스템 등이 소개될 예정이다.수상팀에는 교육·멘토링·투자유치 등 맞춤형 역량 강화 프로그램이 제공된다. 창업·벤처 녹색융합클러스터 입주 시 가점을 받고 환경 창업 지원사업 신청 시 선정평가를 면제받는 혜택도 주어진다.스타기업 부문 수상팀 가운데 업력 3년 이내 10개 팀은 부처 통합 창업경진대회인 '도전! K-스타트업 2026' 본선 진출팀으로 추천된다.환경창업대전 출신 기업들은 2021년 국무총리상을 시작으로 2022년 대통령상, 2023년 여성가족부 장관상, 2024년 국무총리상, 2025년 지식재산처장상까지 부처 통합 창업경진대회에서 5년 연속 수상했다.오일영 기후부 기후에너지정책실장은 "우수한 기술을 보유한 기업의 성장과 활발한 창업이 탈탄소 전환의 핵심"이라며 "탈탄소 시대를 열어갈 창업기업의 도전을 응원하며 성공적인 사업화와 시장 진출을 위해 적극 지원하겠다"고 밝혔다.* This article has been translated by AI. 2026-09-02 12:04:00
  • Autumn Arrives at Seoul Forest with Gardens, Movies, and Horseback Riding
    Autumn Arrives at Seoul Forest with Gardens, Movies, and Horseback Riding Seoul Forest, beginning to take on autumn hues, is transforming into a cultural space where visitors can enjoy walks, movies, performances, and ecological experiences all in one place. The Seoul Metropolitan Government announced on September 2 that it will present autumn programs at Seoul Forest, where the Seoul International Garden Expo is taking place, allowing visitors to savor the seasonal changes and the beauty of gardens. Activities include leisurely walks to observe fruits and fall foliage, autumn night movies and performances, night forest explorations, and urban horseback riding, catering to people of all ages. The Seoul International Garden Expo has unveiled its '18 Recommended Autumn Gardens' that truly capture the essence of the season. The recommended gardens are categorized into three themes: 'Gardens Ideal for Autumn Walks,' 'Gardens Perfect for Reading a Book,' and 'Gardens for Discovering Autumn.' Visitors can stroll through 'Elysian Forest,' 'Flowing Forest Garden,' and 'Path to the Forest,' where birch trees, metasequoias, and grasses create a picturesque autumn landscape. 'Elip Garden,' 'Diverse Seating,' and 'Staying in Seoul' are great spots for reading or chatting. 'Slow Walk Garden,' 'Rocky Area,' and 'Morning of All Things Blooming' allow close observation of small changes in the autumn garden, such as fruits, seeds, fall colors, and silver grass. A program called 'Deep Reading of Autumn Gardens,' accompanied by a garden docent, will be held ten times. This small group program, limited to ten participants per session, will explore the themes of rest, plants, and seasonal gardens, explaining the restorative and healing qualities of gardens, the characteristics of plants, and the changing landscapes throughout the seasons. Pre-registration is available on the official website. Autumn Garden Theater on Friday and Saturday NightsEvery Friday or Saturday, the Family Square at Seoul Forest will host the 'Autumn Night Garden Theater.' Starting on the 4th with 'Midnight in Paris,' films such as 'My Neighbor Totoro,' 'The Secret Garden,' 'Paddington 2,' 'Architecture 101,' 'Kung Fu Panda 3,' 'Life is Beautiful,' 'Wonka,' and 'Secret' will be screened in succession. Citizens can enjoy films that capture the essence of nature, family, and autumn in the cool breeze of the grassy square. From the 18th to the 20th, the outdoor stage will feature 'Seoul Stage in Autumn Festa.' This will include performances of the original dance musical 'Joseon Chef Han Sang-gung,' a musical showcase by students from Seokyeong University and Baekseok University, and a gala concert featuring artists such as Choi Jung-won, Moon Jong-won, Choi Min-cheol, Ha Do-gwon, and Kim Ji-woo, with a total of five performances scheduled. In September and October, autumn busking will also take place in various gardens throughout Seoul Forest. In collaboration with the Cultural Heritage Administration, the 'Heritage Garden Music Concert' will feature fusion traditional music performances every Friday and Saturday against the backdrop of K-Heritage gardens. From the 9th to the 11th of next month, the 'Seongdong Art Garden' will showcase and sell eco-friendly woodwork, ceramics, and textile works created by artists from the Seongsu area. On the 11th, the '7th Diversity Dong Film Festival' will present short films and a cine-talk focused on themes of environment, nature, gardens, and forests. Experience Nature in the Heart of the City with Insect Sounds and Horseback RidingThere are also abundant ecological and night experiences for children and families. Programs such as 'Park Biological Exploration Team,' 'Insect Specimen Workshop,' 'Fun Insect Stories,' and 'Biodiversity Exploration Class' will allow participants to observe the creatures living in Seoul Forest and wetlands, learning about the value of urban ecosystems and the importance of biodiversity. After sunset, 'Starlit Seoul Forest Exploration' and 'Autumn Nights, Orchestra of Insects' will take place. Participants can walk through the forest paths at night, listening to the sounds of insects and observing nocturnal creatures, experiencing a different side of Seoul Forest. Unique programs in collaboration with organizations and businesses have also been arranged. The 'Forest Garden Run - Running Level Up' is a wellness program that combines recovery stretching, running and walking, and a vegetable brunch. On the 17th and 18th of next month, an urban horseback riding experience will be offered in partnership with the Korea Racing Authority. Details on schedules and participation methods for each program can be found on the official website of the Seoul International Garden Expo. Some events require advance reservations through public booking services. Kim Young-hwan, Director of the Seoul City Garden City Bureau, stated, "We have prepared a variety of ways for citizens to enjoy the autumn garden, from garden walks and movies to performances and ecological experiences. We will continue to showcase diverse garden culture so that citizens can discover the charm of new gardens with each season and return to visit again." 2026-09-02 11:44:00
  • Special Prosecutors Begin Work on Election Rights Violations
    Special Prosecutors Begin Work on Election Rights Violations Five special prosecutors from the Election Commission, led by Lee Tae-han, reported for duty on September 2 to investigate allegations of violations of citizens' voting rights, including ballot shortages during the June 3 local elections. The team emphasized the importance of voting rights and the need for investigations based on law and principles as they began preparations for their work.The special prosecutors—Kim Sang-cheon, Kim Jin-woo, Kim Eun-jung, Park Hyuk, and Kwon Geun-hwan—arrived at their office in Seocho-gu, Seoul, throughout the morning.Kim Sang-cheon told reporters on his way to work, "This is a significant matter with great public interest, and we will do our utmost to ensure procedural legitimacy while uncovering the substantive truth."Kim Jin-woo stated, "Voting rights are the foundation of democracy, and I will do my best with a strong sense of responsibility."Kim Eun-jung expressed, "I feel a heavy sense of responsibility in taking on this important role, and I will carry out my duties strictly according to the law and principles during the investigation period set by law."When asked about his feelings on his appointment, Park Hyuk simply replied, "I will do my best." Kwon Geun-hwan also stated, "I will work hard" before heading to the office.The special prosecutors reportedly met with Lee Tae-han for the first time to discuss the status of their preparations for the investigation. The team plans to assign tasks based on each prosecutor's expertise and experience.The special investigation team will undergo a preparation period until September 6 and officially commence investigations with a ceremony on the 7th. The investigation will focus on 12 allegations, including ballot shortages, manipulation of voting statistics, reduced printing rates of ballots, and suspicions of overseas trips and improper hiring and promotions among Election Commission officials.The special prosecutors are reviewing case records transferred from the joint investigation team of the police and prosecutors while also accelerating efforts to secure dispatched personnel. The dispatched prosecutors are expected to join by the 7th. The special investigation team can conduct investigations for a maximum of 150 days. 2026-09-02 11:44:00
  • Deputy Prime Minister Lee Hyung-il: Price Stability is Key to Reducing Inequality
    Deputy Prime Minister Lee Hyung-il: Price Stability is Key to Reducing Inequality Lee Hyung-il, the nominee for Deputy Prime Minister and Minister of Economy and Finance, has been tasked by President Yoon Suk Yeol to prioritize price stability ahead of the Chuseok holiday. He plans to expand the supply of essential goods and discount support while continuing to address factors contributing to price instability, such as international oil prices.During a press briefing at the Government Sejong Center on September 2, Lee stated, "Price stability is fundamental to the economy and the starting point for reducing inequality. I will do my utmost to stabilize prices, viewing the cost of living as a report card for the economic team."Earlier, at a Cabinet meeting, when asked by President Yoon if he was confident in stabilizing prices for Chuseok, Lee responded, "I will definitely manage it well."In the same briefing, Lee emphasized, "Price stability is the biggest mission for price authorities and the foundation of the economy. We have announced measures for Chuseok, and we will identify new areas for improvement and announce them soon."Addressing concerns that expansionary fiscal policy could trigger inflation, Lee argued for the need to distinguish between the roles of fiscal and monetary policy. He said, "We need to enhance growth capacity through expansionary fiscal policy and focus on key investments to reduce inequality." He explained that fiscal policy should target necessary sectors for support, while overall demand should be managed by monetary authorities.Regarding the rise in the inflation rate to 3.1% in August, Lee attributed it to a base effect from temporary discounts on communication fees. He noted that without the impact of last year's half-price mobile phone discount, the inflation rate would have been in the mid-2% range.Lee remarked, "While we need to closely monitor inflation, I believe it can be managed through proactive monetary policy. The price authorities will continue to work diligently on this matter."On the issue of rising international oil prices, he stated that the timing for ending the price cap on oil will be determined by observing the situation in the Middle East and oil price trends. He explained, "The decision on when to lift the price cap ultimately depends on international oil prices. We must consider the developments in the Middle East conflict as we deliberate on this matter."Additionally, Lee announced plans to enhance the pre-review and coordination functions of the Economic Relations Ministers' Meeting to boost the momentum of economic policy. He intends to coordinate major policies with relevant ministries and the Blue House before they are presented at Cabinet meetings or publicly announced. For issues with significant disagreements among ministries, he plans to establish a so-called 'Economic Issues Discussion Meeting' for ongoing discussions.Lee also expressed his commitment to maintaining a broad framework for economic policy that includes price stability, a rebound in potential growth rates, and the reduction of inequality. He plans to strengthen support for vulnerable sectors such as youth, small businesses, and medium-sized enterprises, leveraging the policy capacity gained from the semiconductor boom. 2026-09-02 11:40:20
  • Hana Bank Launches $2.3 Billion Small Business Safe Account 4
    Hana Bank Launches $2.3 Billion 'Small Business Safe Account 4' Hana Bank is lowering financial support barriers for struggling small businesses and individual entrepreneurs as part of its inclusive finance initiative.On September 2, Hana Bank announced that it will launch the 'Seoul Small Business Safe Account 4' in collaboration with the Seoul Metropolitan Government and the Seoul Credit Guarantee Foundation, with a total scale of 300 billion won (approximately $2.3 billion) on September 3.The Seoul Small Business Safe Account is a dedicated overdraft account for self-employed individuals, aimed at preventing them from being pushed into illegal money lending due to difficulties accessing formal financial services. This program has been in operation since last year.With the launch of the fourth account, the support limit will increase from the previous 10 million won to 20 million won. The support criteria will also be refined into three tiers based on business duration, credit score, and revenue. Existing users of Safe Accounts 1 to 3 can apply for additional funds within the remaining guarantee balance if they meet the eligibility requirements.Hana Bank will also support 50% of the guarantee fees incurred when signing new loan agreements. The loan term can be extended for up to five years, with the initial period set at one year, and all fees related to limit agreements and unused limit agreements will be fully waived. This is expected to significantly reduce the financial burden for small businesses needing to secure liquidity.Applications for guarantee certificates will be accepted starting at 9 a.m. on September 3 through the Seoul Credit Guarantee Foundation's mobile app. The first five business days will operate on a birth year ending system: September 3 for those born in years ending in 1 or 6, September 4 for 2 or 7, September 7 for 3 or 8, September 8 for 4 or 9, and September 9 for 5 or 0. From September 10, applications will be accepted regardless of birth year.Seo Yu-seok, Deputy Head of Hana Bank's Corporate Group, stated, "We will continue to expand tailored inclusive finance support to help small businesses overcome management crises and revitalize the local economy."* This article has been translated by AI. 2026-09-02 11:36:00
  • Ruling Party Begins Nationwide Budget Consultations, Accelerates Administrative Capital Law
    Ruling Party Begins Nationwide Budget Consultations, Accelerates Administrative Capital Law 더불어민주당은 2일 세종을 찾아 행정수도특별법 연내 처리를 강조하며 행정수도 완성을 위한 추진 의지를 보였다. 내년 정부 예산안 국회 심사를 앞두고 예산정책협의회도 열어 지역 핵심 사업 등을 점검했다. 김민석 대표를 비롯한 당 지도부는 이날 조상호 세종시장, 이강진 세종시당 위원장 등과 함께 세종시청에서 현장 최고위원회의를 진행했다.김 대표는 "올해가 '세종'이라는 이름을 얻은 지 20년 되는 해"라며 "세종 행정수도 완성은 이재명 국민주권정부의 국정과제이자 국토 대전환 과제"라고 강조했다.이어 "올해만 해도 세종 대통령 집무실 건축 예산이 8배 이상 늘었고, 세종 국회의사당 관련 예산도 1191억원이 배정됐다"며 "국회가 행정수도의 법적 기반을 완성하겠다"고 했다. 그러면서 세종 대통령 집무실과 의사당 추진 현안을 최고위에 보고해달라고 지시했다. 아울러 행정수도특별법 연내 처리에도 속도를 내겠다고 밝혔다. 김 대표는 "행정수도특별법을 가급적 연내 처리하자는 제안이 여러 곳에서 있었다"며 여야 합의로 처리될 수 있는지 점검해달라고 원내에 당부했다. 또 행정수도 완성을 위한 특별위원회 구성도 검토하도록 했다. 당 지도부는 최고위를 마치고 곧바로 예산정책협의회를 진행했다. 김 대표는 "행정수도와 국가균형발전에 대한 노무현 대통령의 꿈, 이회창 총리의 의지, 민주당의 비전을 반드시 완성시키고 실현하겠다"며 "행정수도로서만이 아니라 이곳에서 살고 있는 시민들 입장에서 지속가능한 안정성을 가진 도시 기능을 완성하는데 필요한 예산을 살펴보겠다"고 했다.조상호 세종시장은 "행정 수요와 공공시설 유지·관리 부담은 계속 느는데, 취득세 중심의 세입 구조로 재정 기반은 대단히 취약하다"며 "세종시의 보통교부세 제도 개선에 관심을 모아달라"고 요청했다. 이와 함께 내년도 정부 예산안에 양성자 암치료센터 건립을 비롯한 사업 예산 반영을 촉구하고, 스마트 국가산업단지 조성, 중앙행정기관·공공기관 2차 이전 등도 건의했다.민주당은 세종을 시작으로 한 달간 전국을 돌며 지역별 사업을 점검하고 예산 확보 방안을 논의할 전망이다. * This article has been translated by AI. 2026-09-02 11:36:00
  • Jang Dong-hyuk Calls for Special Investigation into Leverage ETFs and False Closure of Missing Person Case
    Jang Dong-hyuk Calls for Special Investigation into Leverage ETFs and False Closure of Missing Person Case Jang Dong-hyuk, the leader of the People Power Party, asserted on September 2 that a special investigation is necessary to uncover the truth regarding the single stock leverage exchange-traded funds (ETFs) and the false closure of a missing person case in Jeju.During a press conference at the National Assembly, Jang stated, "The damage to the public caused by single stock leverage ETFs amounts to 54 trillion won," adding, "Kim Yong-beom, the former head of the Blue House Policy Office, and others have effectively plundered the public's assets to enrich securities firms."He referenced recent allegations of secret meetings between Kim and Park Hyun-joo, the chairman of Mirae Asset Group, saying, "If Kim's relentless push for single stock leverage ETFs is a result of lobbying by Mirae Asset, then his resignation is not enough. We need to investigate this 'ETF Gate.'"Jang emphasized that Kim could not have acted alone in such a significant incident, urging an investigation into the involvement of the entire policy line, including the Blue House, the Office for Government Policy Coordination, the Financial Services Commission, and the Financial Supervisory Service. He insisted that the truth must be thoroughly examined through a National Assembly investigation and a special prosecutor.Additionally, Jang called for a special investigation into the police's handling of the false closure of the missing person report for Jang Mi-ran. He criticized the police's conclusion that the case was merely a personal deviation by a deputy chief, labeling it as a case of "shoddy investigation and protecting their own."He pointed out that there are 25 additional cases of false closures linked to the deputy chief, with 15 cases recorded as deaths despite confirming safety. "Yet, the involvement and accountability of the command line have not even been questioned," he noted.Jang stated, "We cannot leave cases involving the police in the hands of the police. We must conduct a thorough investigation from the ground up, considering all possibilities, including the deputy chief's direct crimes or potential involvement, as well as the command line's participation. We will definitely push for a special investigation at the party level."He added, "This administration has dismantled the prosecution and stripped it of supplementary investigative powers. Now, the only way to investigate cases involving the police is through a special prosecutor."* This article has been translated by AI. 2026-09-02 11:36:00
  • South Koreas 2027 Budget Proposal Reaches Record 820.9 Trillion Won
    South Korea's 2027 Budget Proposal Reaches Record 820.9 Trillion Won The South Korean government unveiled its budget proposal for the next fiscal year on September 1, amounting to 820.9 trillion won, a record high that represents a 12.8% increase (93 trillion won) over this year's main budget. The surge in national tax revenue, which exceeded 194 trillion won due to a semiconductor boom, enabled the formulation of this super budget.There are valid points in the government's intention to invest boldly in future growth drivers such as semiconductor and AI sectors, aiming to boost potential growth rates and alleviate polarization. However, given the unusually large increase in spending, it is crucial to adopt a balanced approach that also considers the sustainability of public finances.The government's decision to allocate a significant portion of the increased tax revenue to establish a 162.3 trillion won 'Future Response Fund' is reasonable. Considering the volatility of tax revenue due to the semiconductor industry's cyclical nature, the idea of reserving funds for future investments and shock absorption rather than depleting them during a boom is worth noting.However, the proposed amendment to the National Finance Act, which would allow changes to the fund's major expenditure items by presidential decree within a 30% limit, requires more detailed discussion during the National Assembly's review process. Finding a balance between the practical benefits of rapid fiscal response and the principle of legislative budget control is essential.Investments in future growth foundations, such as youth support (43.3 trillion won, up 53.5%) and semiconductor and AI infrastructure (21.3 trillion won, up 97.2%), are timely. However, with an increase in cash welfare expenditures, such as additional payments for the bottom 30% of basic pension recipients, it would be prudent to clarify priorities between future investments and transfer payments for greater fiscal efficiency.The government also announced plans for a 107.6 trillion won expenditure restructuring. However, it is important to note that a significant portion of the savings (69 trillion won) will come from adjustments to mandatory expenditures, such as the abolition of the local education finance grant's linkage to domestic tax revenue and changes in grant calculation methods. A thorough examination of the impact on local and educational finances, separate from discretionary expenditure reductions (38.6 trillion won), is necessary.There are also long-term considerations. The government projects an average annual expenditure increase of 8.4% until 2030, anticipating total expenditures to reach 1,005.2 trillion won. This plan is based on a somewhat optimistic forecast of a 13.4% average annual increase in national tax revenue. Given the cyclical nature of the semiconductor industry, it is essential to manage finances with the understanding that the current boom may not last as expected. The forecast for a -0.1% improvement in the management fiscal balance next year also heavily relies on the one-time nature of the semiconductor tax revenue boom.Budget proposals are always contentious, as it is impossible to simultaneously achieve growth and fiscal soundness. Therefore, it is necessary to persuade and reach consensus on the validity of the government's policy objectives during the budget review process. This is why the law mandates that government proposals undergo legislative scrutiny.At this point, it is clear that South Korea's absolute challenge is to secure future growth drivers and alleviate polarization. It is also important to reduce the debt burden that will be passed on to future generations. The ball is now in the National Assembly's court. Over the next three months, both ruling and opposition parties must collaborate to ensure that the proposed budget achieves its intended effects while maintaining strict fiscal discipline. Productive discussions should focus on enhancing oversight mechanisms for the Future Response Fund and reassessing expenditure priorities during the National Assembly's review process. 2026-09-02 11:32:00
  • KB Kookmin Bank to Provide 15.2 Trillion Won in Support for SMEs Ahead of Chuseok
    KB Kookmin Bank to Provide 15.2 Trillion Won in Support for SMEs Ahead of Chuseok KB Kookmin Bank is set to offer a total of 15.2 trillion won in financial support to small and medium-sized enterprises (SMEs) and small business owners in anticipation of the Chuseok holiday, when demand for funds typically increases.On September 2, KB Kookmin Bank announced it will provide 6.2 trillion won in new loans and 9 trillion won in maturity extensions, totaling 15.2 trillion won. Each company can borrow up to 1 billion won, depending on their financial needs.To ease the financial burden, the bank will allow companies to extend loan maturities without repaying part of the principal at maturity, and will also offer options for deferring installment payments. Additionally, borrowers can receive interest rate discounts of up to 1.5 percentage points for both new loans and maturity extensions.A representative from KB Kookmin Bank stated, "This support is designed to alleviate the financial difficulties faced by SMEs and small business owners during the Chuseok season and to help stabilize their operations. We will continue to monitor the financial needs on the ground and provide necessary support going forward."* This article has been translated by AI. 2026-09-02 11:28:00