Expanded senior staff meeting held; follow-through urged on tax reform, chuseok relief measures

'Team Excellence' awards given to five divisions for growth strategy, real estate tax reform

Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol [The Herald Business DB]
Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol [The Herald Business DB]

Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said Monday that while the South Korean economy has continued to show signs of improvement, uneven conditions across sectors remain, and called for a close examination of how ordinary people are actually experiencing prices and employment.

Koo convened an expanded senior staff meeting Monday afternoon at Government Complex Sejong, attended by vice ministers, bureau and division chiefs, and senior coordinators from the Ministry of Economy and Finance, to review the current economic situation and key policy issues.

"The economy is continuing its upward trend, but there are temperature differences across sectors, so we must not let our guard down and must closely monitor conditions," Koo said. He particularly urged officials to look beyond headline indicators in areas directly affecting people's daily lives — such as prices and employment — and to track what people are actually feeling on the ground, responding promptly when needed.

He also called for accelerating follow-up action on a series of major policy initiatives the ministry rolled out over the summer, including a tax reform package, chuseok livelihood relief measures, support plans for vulnerable borrowers and youth employment, an overhaul of the national procurement system, preparations for the G20 finance ministers' meeting, and a reform of public institution functions. He stressed that announcements alone are not enough and that the measures must translate into real results.

"Please make sure that follow-up steps — including legislative amendments, detailed system design and consultations with relevant agencies — are handled without gaps, so that the policies we have announced can deliver tangible outcomes," Koo said.

He also emphasized readiness for the regular National Assembly session. With the session now under way, he instructed officials to prepare thoroughly for the review of bills under the ministry's jurisdiction and to get ahead of major policy issues that could be raised during the national audit.

The meeting also included awards for outstanding civil servants who demonstrated proactive conduct in the first half of the year, as well as the third round of "Team Excellence" citations — a recognition program designed to honor divisions that have achieved exceptional policy results through teamwork.

The General Policy Division was recognized for developing the "Second-Half 2026 Economic Growth Strategy" and presenting the "3-4-5 Vision" — a set of targets comprising 3 percent potential growth, a top-four ranking in exports, and a per capita national income of $50,000.

The Tax Reform Task Force's planning team was recognized for incorporating real estate tax rationalization and improved tax equity into the 2026 tax reform package. The Contract Policy Division was cited for redesigning the public construction procurement system and developing measures to block shell-company bidding. The Development Strategy Division was honored for institutional reforms to enhance the transparency and fairness of the Economic Development Cooperation Fund (EDCF) and for drawing up a strategy to advance the "K-AI Package" initiative.

The Digital Communications Team was also recognized for producing content marking the first anniversary of the People's Sovereignty Government that reached 1 million views in a short period.

Park Ki-hak, a senior official in the Industrial Economy Division, was named the August "Best Small but Certain Achievement" recipient for his contributions to developing a support plan — reflecting actual field demand — to ease management difficulties faced by small and medium-sized enterprises amid the high exchange rate environment.

Koo also asked bureau and division chiefs to pay close attention to the 32 youth interns who began work Monday, and added: "I will also do my part to ensure that the policies and issues our ministry is responsible for are carried out without a hitch."


fact0514@heraldcorp.com