Negotiations on the Special Semiconductor Act will continue.
The ruling and opposition parties agreed to handle about 110 people’s livelihood bills at the plenary session of the National Assembly held on the 26th. These include a revision to the Loan Business Act to eradicate illegal private loans that passed the Legislation and Judiciary Committee of the National Assembly on the 24th, and a revision to the Depositor Protection Act to raise the depositor protection limit from the current 50 million won to 100 million won. It was decided to continue discussions on the Special Semiconductor Act, where there are differences of opinion between the ruling and opposition parties over the application of exceptions to the 52-hour workweek system.
The policy committee chairs of the ruling and opposition parties discussed the people’s livelihood bill to be processed at the plenary session on the 26th. The meeting on this day was held in the nature of a working-level consultation to coordinate the agenda ahead of the first meeting of the ruling and opposition party consultative body, which will be launched on the 26th. People Power Policy Committee Chairman Kim Sang-hoon met with reporters and said, “Today, we inspected the people’s livelihood bill that was previously agreed upon with the Democratic Party of Korea. “If things continue like this, about 110 bills will be passed,” he said, adding, “Bills to be processed at the plenary session on the 31st will need to be further discussed.” Democratic Party Policy Committee Chairman Jin Seong-jun said, “We said we would do our best to pass the bill without any issues until the end.”
The public welfare bill to be processed at the plenary session on the 26th is expected to include the amendment to the Loan Business Act and the Depositor Protection Act, which passed the Legislative and Judiciary Committee of the National Assembly on this day, and the enactment of the Basic Artificial Intelligence Act to secure competitiveness in artificial intelligence (AI) technology, which passed the Legislative and Judiciary Committee on the 17th. In order to prevent the proliferation of small-scale lending businesses, the amendment to the Loan Business Act includes raising the equity capital standard from the current 10 million won to 100 million won for individuals and from 50 million won to 300 million won for corporations. In addition, a new ‘contract invalidation’ clause was created to invalidate the principal and interest of contracts made on the premise of sexual exploitation collection, human trafficking, physical injury, etc., and contracts with an interest rate of three times (60%) or more than the legal maximum interest rate.
Regarding the semiconductor special law, it was reported that a plan was discussed to specify the 52-hour weekly exception clause as a special case under the Labor Standards Act instead of excluding it from the special law. A key People Power official said, “The Democratic Party is opposed to the exception rule in principle, and if necessary, there was an opinion that the government should improve the special rule that recognizes a 52-hour exception.” However, in order to improve the special provisions of the Labor Standards Act, difficulties are expected as it must be discussed at the Environment and Labor Committee of the National Assembly rather than the Trade, Industry, Energy, Small and Medium Venture Business Committee of the National Assembly where the Special Semiconductor Act was discussed.
Reporter Choi Hye-ryeong [email protected]
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