Samsung Electronics' Donghaeng union launches indefinite sit-in outside Lee Jae-yong's home

Inaugural rally held near Hannam-dong residence The Samsung Electronics union Donghaeng called Friday for direct talks with Chairman Lee Jae-yong over wage negotiations and performance bonuses. The union is made up primarily of employees in Samsung Electronics' Device eXperience (DX) division, which oversees the company's home appliances, TV and smartphone businesses. About 40 union members gathered outside Lee's home in Yongsan-gu, Seoul, for an inaugural rally, marking the start of an indefinite relay sit-in. "The company has yet to even set up a proper dialogue table with us," Donghaeng said, calling on the company to "create a dialogue table where we can speak directly with Chairman Lee Jae-yong." The union also wants a joint bargaining framework that would allow it to negotiate wages alongside the Device Solutions (DS) division, which handles Samsung's semiconductor business. Samsung Group's largest union, the Samsung branch of the inter-company labor union — centered on DS division workers — had earlier declared it would bargain separately from the DX division starting with the 2027 wage negotiations. Donghaeng, however, maintains that joint bargaining is necessary, arguing that a portion of company-wide performance results should be set aside as a shared pool. The union also demanded Friday that the company respond to a "union blacklist" incident in which employees' personal information was allegedly shared internally. "The company must clearly disclose whether employees were harmed, how the information was leaked, the scope of its use and what follow-up measures were taken," Donghaeng said, adding that it had already prepared more than 15,000 petitions calling for severe punishment of Samsung inter-company union chief Choi Seung-ho and others involved. Meanwhile, Donghaeng said it plans to launch a wage and collective bargaining TF as soon as it completes its next leadership election on Sept. 28, at which point it will formally push for a joint bargaining structure.

Sept. 18, 2026

Simple-payment transactions hit record W1.2tr a day in H1

Daily average reaches 38.22 million transactions, 1.23 trillion won Usage up 16.8% from a year earlier on e-commerce growth Simple remittances also hit record 1.17 trillion won on brokerage transfers The daily average transaction value of simple payment services — which let users pay with a password, fingerprint or facial recognition — hit a record 1.23 trillion won ($889 million) in the first half of this year. According to data released by the Bank of Korea on Friday, simple payment services logged a daily average of about 38.22 million transactions worth 1.23 trillion won in the first half of this year, up 12.8% and 16.8%, respectively, from the same period last year — both all-time highs since the central bank began tracking the data in 2016. Simple payment, also known as "easy payment," refers to services that allow users to pay for goods and services using only a simplified authentication method such as a password or biometric data including fingerprints and facial recognition. Among simple payment service providers, electronic financial companies such as Naver Pay and Kakao Pay saw their transaction volume and value jump 13% and 17.5%, respectively, from a year earlier. Electronic financial companies' share of the market edged up to 55.4% in the first half of this year from 55.1% in both halves of last year. Handset manufacturers ranked second with a daily average transaction value of 286.1 billion won, accounting for 23.3% of the total, followed by financial institutions at 260.2 billion won, or 21.2%. The daily average number of prepaid-balance-based simple remittance transactions fell 1.5% from a year earlier to about 7.433 million in the first half, while the daily average value surged 19.8% to 1.17 trillion won — also a record high. The Bank of Korea said simple payment growth was driven by increased use of online marketplaces and other e-commerce platforms, while simple remittances expanded largely on a rise in transfers to brokerage accounts. Usage of payment gateway services — which handle payment processing, settlement and data transmission on behalf of online shopping malls and other merchants — also grew, led by credit card payment processing. Last year, payment gateway services recorded a daily average of about 36.75 million transactions worth 1.72 trillion won, up 12.1% and 12.6%, respectively. Overall prepaid electronic payment services also expanded, with daily averages of about 39.22 million transactions and 1.55 trillion won — up 14.5% and 21.9%, respectively. Prepaid electronic payment services issue and manage prepaid balances — loaded in advance through linked accounts and similar methods — that can be used to pay for purchases, transportation fares and other expenses, or to send remittances. Escrow services averaged about 5.87 million transactions and 27.1 billion won per day, up 21.4% and 6.2%, respectively. Electronic billing and payment services, which handle collection and settlement of apartment maintenance fees, electricity bills, gas charges and similar recurring payments, averaged 320,000 transactions and 97.6 billion won per day, up 7.4% and 8.9%, respectively, from a year earlier. The Bank of Korea said the overall expansion of electronic payment services reflects a continuing upward trend in economic scale, per-transaction values and demand for digital transactions over time.

Sept. 18, 2026

Kim Jong-cheol takes helm of Incheon Free Economic Zone Authority

New chief outlines four key policy directions for IFEZ's next leap forward Kim Jong-cheol was inaugurated Friday as the ninth commissioner of the Incheon Free Economic Zone Authority, formally launching his tenure at the helm of the Incheon Free Economic Zone (IFEZ). In his inaugural address, Kim said he would "proactively respond to the rapidly changing global industrial environment and supply chain shifts, drawing on expertise accumulated in the fields of industry, trade and energy." He said he would translate the ninth elected-term Incheon city government's slogan — "overwhelming growth, happy change" — into tangible results for residents' daily lives and the business community. Kim outlined four key policy directions for IFEZ's next leap forward: upgrading strategic investment attraction beyond a development-focused approach to align with national industrial strategy; building an innovation ecosystem connecting businesses, universities and research institutions; nurturing a differentiated culture, tourism and wellness city by leveraging K-culture and the zone's strong locational advantages; and expanding IFEZ's footprint through a new free economic zone designation in the southern Ganghwa area to foster balanced regional development. "I will find answers on the ground and build an innovation-driven growth ecosystem where businesses, technology and talent come together," Kim said. "I will sharpen the competitiveness of Songdo, Yeongjong and Cheongna, complete major projects without delay, and spread the fruits of IFEZ across all of Incheon and throughout South Korea." Kim previously served as director general for resource industry policy and director general for trade cooperation at the Ministry of Trade, Industry and Energy, as well as head of the Foreign Investment Support Center at the Korea Trade-Investment Promotion Agency (KOTRA).

Sept. 18, 2026

South Korea's public sector posts record W83.1tr deficit in 2025

Surplus possible next year on semiconductor-driven tax revenue gains South Korea's combined public sector — covering the government and state-owned enterprises — posted a deficit of 83.1 trillion won ($60.2 billion) last year, the largest since records began, the Bank of Korea said Friday. The shortfall was driven by a surge in government spending tied to two rounds of supplementary budgets, though the central bank said a return to surplus is possible next year on the back of semiconductor-led tax revenue growth. According to the Bank of Korea's preliminary 2025 public sector accounts released Friday, the public sector balance — total revenue minus total expenditure — came to a deficit of 83.1 trillion won, the widest gap since the statistics were first compiled in 2007. The public sector encompasses general government, which includes the central government, local governments and social security funds, as well as public enterprises, both non-financial and financial. Total public sector revenue rose 4.7 percent year on year to 1,192.1 trillion won, up from 1,139.1 trillion won in 2024. Although two benchmark interest rate cuts last year pushed market rates lower and reduced interest income, higher tax receipts and social contributions more than offset the decline. Total expenditure climbed 5.5 percent to 1,275.2 trillion won from 1,208.1 trillion won in 2024, driven mainly by current transfers to the private sector and final consumption expenditure by the government. Lee Hyeon-yeong, head of the Bank of Korea's expenditure national income team, said the government compiled two supplementary budgets to support livelihoods, including 13.5 trillion won in livelihood recovery consumption coupons, which sharply increased transfer payments to the private sector. "The new administration also pursued an active fiscal spending stance, and government consumption rose further due to preparations for the APEC summit and higher national health insurance benefit payments following the normalization of medical services," Lee said. Because expenditure grew faster than revenue, the deficit widened from 69.1 trillion won to 83.1 trillion won in a single year. The public sector balance had been in surplus for six consecutive years from 2014 to 2019 before swinging to a deficit in 2020, when COVID-19 began — a streak of six consecutive years in the red. Pandemic-related spending and soaring energy prices stemming from the war in Ukraine kept the balance in deficit from 2020 through 2022, while a drop in corporate tax revenue due to weak corporate earnings was the main drag in 2023 and 2024. Lee said that for 2025, the main deficit drivers were transfer payments to the private sector on the government side and housing-related investment by public enterprises. Breaking down the figures by sector, the central government deficit widened to 90.1 trillion won last year from 83.8 trillion won in 2024 — also a record since the statistics began. Tax revenue increased, but the shortfall deepened as transfer payments to the private sector for livelihood support expanded. Local governments narrowed their combined deficit sharply, from 15.5 trillion won in 2024 to 2 trillion won last year, as grants received from the central government rose substantially. The social security funds surplus shrank from 41.8 trillion won to 32 trillion won, as aging demographics caused social benefit payments from the government to grow faster than social contributions paid in. As a result, the general government balance — covering the central government, local governments and social security funds — came to a deficit of 60.1 trillion won last year, with total revenue of 903.2 trillion won against total expenditure of 963.3 trillion won. That was wider than the 57.5 trillion won deficit in 2024 and also a record. The general government balance as a share of nominal GDP stood at minus 2.2 percent last year, or minus 3.4 percent excluding social security funds — still better than the OECD member average of minus 4.4 percent, the Bank of Korea noted. The public sector balance as a share of nominal GDP was minus 3.1 percent, or minus 4.3 percent excluding social security funds — better than the United Kingdom, Japan and Australia at minus 5.7 percent, but below Switzerland and Denmark at plus 0.5 percent. Non-financial public enterprises, including Korea Electric Power Corporation and Korea Land and Housing Corporation, saw total revenue rise 0.5 percent to 231.9 trillion won and total expenditure increase 2.7 percent to 254.1 trillion won last year. Their combined deficit widened to 22.1 trillion won from 16.7 trillion won the previous year. The wider deficit at non-financial public enterprises reflected a sharp increase in housing-related investment, including construction of public housing and purchases of rental housing. Financial public enterprises, including Korea Development Bank and the Korea Housing Finance Corporation, saw total revenue fall 4.8 percent to 66.3 trillion won while total expenditure rose 4.1 percent to 67.1 trillion won. As a result, financial public enterprises swung from a surplus of 5.1 trillion won in 2024 to a deficit of 900 billion won last year. Although interest income rose and property income payments declined, current transfer payments by financial public enterprises to the state increased sharply. Looking ahead, Lee said corporate and income tax revenues are expected to rise significantly this year on the back of a semiconductor boom. "We expect the deficit to narrow in 2026, led by general government, and there is a possibility of a return to surplus in 2027," he said. He added that increases in premium rates for the national pension and national health insurance would also slow the shrinkage of the social security funds surplus, providing a further boost to the overall fiscal balance.

Sept. 18, 2026

Gangwon border counties, Defense Ministry hold joint development council

President Lee Jae Myung's remark that "peace is a benefit" has begun to take shape as concrete policy for border communities in Gangwon Province. Gangwon Special Self-Governing Province and the Ministry of National Defense held the Border Region Mutual Development Council on Friday afternoon at the Forest Museum seminar room of the Forest Science Research Institute, where participants discussed deregulation and other measures to promote development in the border area. The province's policy planning officer and the Defense Ministry's military facilities bureau chief served as co-chairs, while deputy county heads from the five border counties and Defense Ministry officials joined to discuss ways to resolve military-related issues facing the region. The council convenes twice a year and is scheduled to operate through 2029, with a possible five-year extension if needed. Launched in 2020, the body is expected to move toward more substantive policy action following the launch of the new administration. The main agenda items at the 13th session were cooperation on renewable energy projects in the border region, cooperation on development projects utilizing idle military land, the integrated water supply facility project in Hwacheon-gun, and local government cooperation matters related to the adjustment of the civilian control line. Participants also discussed plans to expand the existing government-military council into a civilian-government-military cooperative framework ahead of the statutory launch of the Gangwon Special Self-Governing Province Civilian-Government-Military Cooperation Committee on Oct. 22, and to establish a unified communication channel under that body. The cooperation committee was formed under Article 73-2 of the Special Act on the Establishment of Gangwon Special Self-Governing Province and the Creation of a Future Industry Global City — a provision added specifically to enable such a body. Set to be established in the second half of this year, the committee will bring together the province, the Defense Ministry, 18 cities and counties, and civilian representatives to discuss matters related to mutual development among civilian, government and military stakeholders across the province. Jeon Hee-seon, the province's policy planning officer and co-chair of the council, said the border region faces hardship from accumulated economic stagnation and continued population decline caused by military base reorganizations, but that the easing of military regulations under the Gangwon Special Act has marked an important turning point. "Particularly at a time when cooperation among the province, the border region and the Defense Ministry — all of whom share key issues such as the northward adjustment of the civilian control line — is critical, we will work actively with the Defense Ministry," she said. Gangwon Special Self-Governing Province and the Defense Ministry plan to continue sharing regional issues through the forthcoming civilian-government-military cooperation committee and to actively seek collaborative approaches that benefit both the military and local communities. In addition, the two sides said they will continue working-level consultations among relevant agencies on the agenda items discussed at Friday's meeting, and will move forward without delay on follow-up measures, including submitting those items to the cooperation committee once it is formally established.

Sept. 18, 2026

Public-sector labor panel relaunches as statutory body; unions demand end to sunset clause

Policy scope expanded to cover dispatched, subcontracted and outsourced workers Unions call for unified wage system, retirement age of 65, end to welfare disparities 'Budget constraints must not block agreements as they did before' A government committee tasked with improving employment stability and working conditions for non-regular workers in the public sector officially launched Friday as a statutory body under the prime minister. Labor groups agreed to participate but demanded abolition of a five-year sunset clause and called on fiscal authorities to take direct responsibility for implementing any agreements reached. The Ministry of Employment and Labor said it held the inaugural ceremony and first meeting of the Public Service Workers Committee at Government Complex Seoul on Friday — the first day the Act on the Establishment and Operation of the Public Service Workers Committee, enacted in February, took effect. The committee is a deliberative and coordinating body that reviews policies and systems related to employment, wages, working conditions, personnel management, labor relations and education for non-regular public-sector workers, including public service workers. The new committee carries stronger legal standing and a broader membership than its predecessor, which operated from March 2020 to March 2023. The first committee was an advisory body based on a prime ministerial directive; the new one is a statutory committee formally attached to the prime minister's office under an act of law. Its policy scope has also been expanded from public service workers and fixed-term employees to include dispatched, subcontracted and outsourced workers. Unlike the first committee, which was dominated by government officials, the new body directly includes representatives from labor, management and academia. Im Gi-geun, head of the Office for Government Policy Coordination, will chair the committee. Deputy Minister of Employment and Labor Kwon Chang-jun serves as the committee's lead negotiator, and the body comprises 30 members drawn from related ministries — including the Ministry of Economy and Finance, Ministry of Education, Ministry of Interior and Safety, Ministry of Planning and Budget and Ministry of Personnel Management — as well as labor, management and expert representatives. Labor groups, however, expressed concern about the committee's five-year sunset provision and the feasibility of implementing agreements that require budget commitments. The Korean Public Service and Transport Workers' Union held a press conference in front of Government Complex Seoul ahead of the launch ceremony, calling for the committee to be made permanent and for fiscal authorities to participate actively. Eom Gil-yong, the union's chairman and a committee member, said wage levels, employment security and the elimination of discrimination against non-regular public-sector workers are issues that must be addressed on an ongoing basis. "The committee must be made permanent to ensure continuity and stability in the discussions," he said. He particularly urged the Ministry of Planning and Budget and the Ministry of Economy and Finance to take responsibility from the negotiating stage through to implementation, saying the committee must not repeat the experience of the first round, when agreed improvements to working conditions were not properly reflected in the budget process. Labor groups plan to raise demands in sector-specific subcommittees for a unified wage system, elimination of disparities in allowances and welfare benefits, legal recognition of public service worker status, and an extension of the mandatory retirement age to 65. For public service workers at central government agencies, they are calling for a seniority-based wage system and an end to disparities in family allowances, welfare points, long-service bonuses and performance pay. For the public institution sector, labor groups proposed setting the appropriate wage for indefinite-contract workers at no less than 118 percent of the minimum wage and establishing a pay system that reflects length of service and skill level. For subsidiary company workers, they called for abolishing the labor-cost bid rate and vacancy settlement system, securing adequate staffing levels, and closing the welfare gap with parent companies. In the education sector, the groups identified low wages, unpaid leave during school vacations, job insecurity and staff shortages as the core agenda items. For the private outsourcing sector, they proposed expanding direct public operation, guaranteeing employment succession and introducing a seniority-based wage system. The committee will operate through a multilayered structure comprising the main committee, a working committee, a development council and sector-specific subcommittees. The main committee will make final decisions on policy plans and discussion outcomes, while the sector-specific subcommittees will handle issues from individual fields — central government agencies, local governments, educational institutions, public institutions, subsidiary companies and private outsourcing. At its first meeting Friday, the committee approved its operating plan, rules of procedure and the composition of the working committee. It plans to finalize the membership of the sector-specific subcommittees and select specific discussion topics going forward. Committee Chair Im said a stable dialogue framework had been established for ongoing discussion of employment and working-condition issues facing public-sector workers. "The government will fulfill its responsibilities as a model employer, and we will create an exemplary case of social consensus in which labor, government and experts work together to reach agreement," he said.

Sept. 18, 2026

Panel on public-sector irregular workers relaunched as statutory body under prime minister

Pan-government consultative body under the prime minister draws 30 members from labor, management and academia New committee to review employment, wages and working conditions for public-sector irregular workers Multi-tiered structure includes development councils and sector-specific subcommittees A committee tasked with improving employment stability and working conditions for public-sector irregular workers has been officially launched as a statutory body under the prime minister. Its policy scope covers not only public-service workers and fixed-term employees but also dispatched, subcontracted and outsourced workers. The Ministry of Employment and Labor said it held the inaugural ceremony and first meeting of the Public Service Workers Committee at Government Complex Seoul on Friday — the day the Act on the Establishment and Operation of the Public Service Workers Committee, enacted last February, took effect. The committee reviews and coordinates employment, wages and other working conditions for public-sector irregular workers, along with related personnel, labor and education policies and systems. Its aim is to reduce workplace discrimination and raise both the quality of employment and the standard of public services. The new body carries greater legal standing and a broader membership than its predecessor, which operated from March 2020 to March 2023. The first committee was an advisory body established under a prime ministerial directive; the new one is a statutory committee formally attached to the prime minister's office under an act of law. Im Gi-geun, director general of the Office for Government Policy Coordination, chairs the committee. Deputy Minister of Employment and Labor Kwon Chang-jun leads the ministry's side on the committee, and the body draws a total of 30 members from related ministries — including the Ministry of Economy and Finance, the Ministry of Education, the Ministry of Interior and Safety, the Ministry of Planning and Budget and the Ministry of Personnel Management — as well as representatives from labor, management and academia. The policy scope has also been expanded. In addition to public-service workers and fixed-term employees covered under the previous committee, dispatched and subcontracted workers are now included. Unlike the first committee, which was dominated by government officials, the new body directly incorporates labor, management and expert representatives as full members. The committee operates through a multi-tiered structure linking the main Public Service Workers Committee, a working-level subcommittee, a development council and sector-specific councils. The main committee makes final decisions on policy plans and discussion outcomes, while the working-level subcommittee monitors and adjusts those plans. The development council researches institutional improvements on common agenda items that cut across job categories and sectors, and oversees discussions in the sector-specific councils. Those councils address agenda items that reflect the particular characteristics of each sector, drawing on input from the field. At its first meeting Friday, the committee approved its operating plan, internal rules and the composition of the working-level subcommittee. It plans to finalize the membership of the sector-specific councils and select specific discussion topics going forward. "A stable dialogue framework has been established for ongoing discussion of employment and working-condition issues facing public-sector workers," committee chair Im said. "We will ensure the government fulfills its responsibilities as a model employer and create a landmark example of social consensus-building among labor, government and experts."

Sept. 18, 2026

National Pension Service student ambassadors honor fallen heroes at Seoul National Cemetery

The National Pension Service said Friday it carried out a community service campaign in Daejeon with its student ambassadors, focusing on environmental protection, sharing and honoring the spirit of national sacrifice. More than 50 student ambassadors took part in the event. The ambassadors serve as public outreach representatives for the National Pension Service, producing content and conducting on-site promotional activities to make the pension system more accessible and approachable to the public. The ambassadors first received training on the value and principles of volunteering at a local volunteer center, then produced 150 eco-friendly detergent kits to be donated to free meal services in the Daejeon area. They then visited Seoul National Cemetery, paying their respects at the Tower of Patriots and tidying grave sites to honor those who gave their lives for the country. "The lives we enjoy today are the result of the dedication and efforts of past generations," National Pension Service Chairman Kim Sung-joo said. "The National Pension Service will continue to engage with future generations and expand activities that promote the value of mutual prosperity."

Sept. 18, 2026

Second Gyeongchun National Highway breaks ground, cutting Namyangju-Chuncheon drive to 25 minutes

Gangwon Province announced Friday that construction has begun this month on the second Gyeongchun National Highway linking Namyangju and Chuncheon, with completion targeted for 2032. Gangwon Province and the Wonju Regional Land Management Office held a ground-breaking briefing Friday in the Anbo-ri area of Seo-myeon, Chuncheon, attended by about 30 people, including local residents, Gangwon Province Governor Woo Sang-ho, Wonju Regional Land Management Office Director Lee Dong-min, Chuncheon Mayor Yuk Dong-han, and Assembly members Heo Young and Han Ki-ho. The event informed local residents of the project's formal launch and shared updates on construction progress and plans to expand the road network by connecting the new highway with existing national and local roads. The second Gyeongchun National Highway will be a new four-lane road stretching 33.6 kilometers from Geumnam-ri in Hwado-eup, Namyangju, Gyeonggi Province, to Dangnim-ri in Seo-myeon, Chuncheon. The project was designated in 2019 as exempt from a preliminary feasibility study under the national balanced development initiative. It carries a total budget of 1.94 trillion won ($1.41 billion) and aims to open in 2032. The full route is divided into five construction sections, with work on all of them beginning Sept. 1. The Seoul Regional Land Management Office is handling sections one and two, covering 15.8 kilometers, while the Wonju Regional Land Management Office is responsible for sections three through five, covering 17.8 kilometers. The project calls for 25 tunnels, 41 bridges and seven intersections. Once open, the highway is expected to cut travel time between Namyangju and Chuncheon from 54 minutes to 25 minutes — a reduction of about 29 minutes. The road is also expected to ease chronic congestion on existing National Highway 46, lower logistics costs, and improve access from the greater Seoul area to Gangwon Province, boosting tourism and industrial activity in Chuncheon and the broader northern Gangwon region. To spread the benefits of the new highway across northern Gangwon Province, the provincial government is also pursuing an expanded road network linking existing national and local roads to the new route. A separate project to build a bypass along National Highway 5 between Seo-myeon and Sinbuk — stretching 10.5 kilometers at a cost of 365.1 billion won — has been included in the sixth national highway construction plan to divert traffic expected to concentrate around Anbo-ri toward Yongsan-ri after the second Gyeongchun highway opens. A separate project to widen a 3.1-kilometer stretch of Local Highway 70 between Geumsan and Sinmae in Seo-myeon to four lanes — at a cost of 36.6 billion won — has been included in the sixth national highway construction plan as a candidate project exempt from preliminary feasibility review for projects under 50 billion won, with results pending. "The second Gyeongchun National Highway is a core transport link connecting the greater Seoul area with Gangwon Province and will create a new axis of development for Chuncheon and the northern Gangwon region," Governor Woo said. "After seven years of waiting, construction has finally begun in earnest, and we will actively cooperate on securing the budget and supporting administrative procedures to ensure the road opens on schedule in 2032."

Sept. 18, 2026

Kim Jin-o calls for deeper Korea-Japan cooperation on shared demographic challenges

Population Strategy Committee meets Japanese lawmakers to exchange policy experience on low birth rate, aging Kim Jin-o, vice chairman of the Population Strategy Committee, said Friday that "since demographic shifts such as low birth rates and aging are challenges both South Korea and Japan face in common, there is a need to actively share policy experience between the two countries and to deepen Korea-Japan cooperation on population policy, focusing on areas of shared interest." Kim made the remarks at Government Complex Seoul, where he met with Japanese House of Representatives lawmakers visiting South Korea to share the two countries' policy experience in addressing low birth rates and to discuss avenues for bilateral cooperation in responding to demographic changes, including low birth rates and aging. The visit was arranged at the request of the Japanese side, driven by the lawmakers' interest in South Korea's current efforts and key policies to address its low birth rate. The Japanese lawmakers noted that while Japan's total fertility rate has continued to fall, South Korea's birth rate has recently shown signs of a rebound, and expressed considerable interest in the factors behind that trend and in South Korea's low birth rate response policies. In response, Kim outlined the domestic situation and policy measures, saying the government is "expanding the scope of policy and taking a comprehensive approach — going beyond simply supporting childbirth and child-rearing — to give young people hope at every stage of working, getting married, having children and raising them, including through the announcement of bold youth measures last August." He also said the low birth rate cannot be explained by a decline in marriage alone, diagnosing it as a structural problem driven by a complex interplay of socioeconomic factors including employment, residential conditions, work-life balance, and the burden of childcare and education. He said the Population Strategy Committee plans to organically link the policies of relevant ministries to address these structural factors and develop more effective measures.

Sept. 18, 2026

Deputy PM nominee Lee visits traditional market ahead of chuseok to check prices

Nominee inspects living costs, listens to merchants' concerns before holiday Lee Hyung-il, nominee for deputy prime minister and minister of the Ministry of Finance and Economy, visited Gongneung Dokkaebi Market in Nowon-gu, Seoul, on Friday to check living price trends ahead of chuseok and hear merchants' concerns, the ministry said. The National Assembly adopted Lee's confirmation hearing report on Thursday, leaving only President Lee Jae Myung's formal approval pending. Lee also stopped by a refund booth inside the market to check whether the government's Onuri gift voucher cashback program — which reimburses up to 20,000 won ($14) on purchases of domestically produced agricultural, livestock and fishery products — was running smoothly as part of the government's livelihood stabilization measures. "Traditional markets are a quintessential livelihood scene where people's daily lives and local economies meet," Lee said. "Going forward, I will carefully monitor grocery prices and the difficulties facing traditional markets and small business owners, and diligently check that the government's livelihood stabilization measures are being carried out smoothly on the ground." He also pledged to ensure the benefits of economic recovery reach small business owners and communities across the country. "Alongside easing the immediate burden on people's livelihoods, it is equally important to strengthen the self-sustaining competitiveness of small business owners," he said. "I will faithfully reflect the voices from the field in policy and push forward livelihood measures that people can actually feel, with a sense of urgency." The government earlier announced a chuseok livelihood stabilization package and a supplementary plan, under which it is pursuing discount support and expanded supply of essential goods worth 193 billion won ($140 million) through the end of this month — more than double the amount from last year.

Sept. 18, 2026

Haitai Confectionery to raise prices on 25 brands, including Ohyes and Home Run Ball

Haitai Confectionery said it will raise prices on 25 brands — including Ohyes, Home Run Ball and Pocky — by an average of 7.8 percent starting Oct. 1. By category, six snack brands and three chocolate brands will see average increases of 9.8 percent, 11 biscuit brands 9.4 percent, and three candy brands 10.0 percent. Fourteen products across five brands — Ppasae, Osatsu, Honey Butter Chip, Calbee Potato Chip and Ice Cool — will also be reduced in weight. "Rising international oil prices and raw materials costs have driven up manufacturing and logistics expenses, intensifying cost pressures," the company said. "We have worked to absorb these increases through management efficiency and cost reduction efforts, but have determined that the situation can no longer be sustained."

Sept. 18, 2026

Govt rushes flood recovery to get displaced residents home before Chuseok

Ministry of Interior and Safety to provide monthly rent and lodging support to 107 households still displaced after August floods The Ministry of Interior and Safety said Friday it is pushing to help flood-displaced residents return home before Chuseok, offering homecoming support and housing assistance to households still evacuated after the August downpours damaged or inundated their homes or cut power and water to their apartment buildings. The August floods drove 6,176 people across 2,895 households to evacuate in Busan and South Gyeongsang Province, among other areas. As of Wednesday, 226 people from 127 households across seven cities and counties in four regions — including Geoje in South Gyeongsang Province — remained displaced, staying at private lodging facilities or with relatives. Most residents who evacuated due to flooding or utility outages in apartment buildings have already returned home as on-site recovery work has been completed. However, 107 households in Geoje and Tongyeong that require longer-term displacement due to structural housing damage will receive housing cost support through their local governments. The 54 households in Geoje who evacuated after a slope collapse damaged their apartment complex will have their monthly rent covered until repairs are complete. The 31 households in Geoje and 22 in Tongyeong whose homes were flooded or damaged will receive partial support for monthly rent or lodging costs if staying with relatives. Households currently staying with relatives may also receive the same support if they switch to a formal monthly lease. Under the housing support scheme, which took effect in September, displaced residents sign a lease on a vacant home or room, move in, and then submit a claim — after which the local government pays an average of around 500,000 won ($362) per month in rent. The support continues until the resident returns home or their housing is fully repaired. The ministry has already provided 190 million won in disaster relief funds to Geoje and Tongyeong to supply bottled water and other relief goods to residents temporarily displaced by power and water outages in apartment buildings. It has also been working with local governments to cover lodging and meal costs for temporarily evacuated residents through disaster relief funds. On Wednesday, the Central Disaster and Safety Countermeasures Headquarters approved a recovery plan for the August flood damage and decided to commit a total of 230.8 billion won in restoration funds. Areas where flooding of electrical intake equipment caused power outages will receive partial support for the cost of replacing or repairing the equipment. The ministry plans to work with local governments to quickly disburse disaster relief payments to residents whose private property, including homes, was damaged by flooding. "We will closely monitor local governments' relief operations so that flood victims who have lost their homes do not face further hardship ahead of the holiday," Kim Gwang-yong, head of the ministry's Disaster and Safety Management Headquarters, said. "We will press ahead with recovery efforts to get as many households as possible back home before Chuseok, and will work carefully with local governments to ensure housing support reaches those who cannot yet return without delay."

Sept. 18, 2026

Handsome to buy back, cancel W10b in shares; dividend policy to expand

Dividend funding floor raised from 15% to 20% Minimum dividend per share lifted to 800 won Handsome, a fashion company under the Hyundai Department Store Group, is moving to boost shareholder value through a share buyback and cancellation program, while also raising its dividend floor. The company disclosed Friday that it will purchase 653,168 of its own shares on the open market and cancel all of them within the year. The buyback is valued at 10 billion won ($7.24 million), representing about 3.0 percent of its total issued shares. The purchase period runs through Oct. 22. Handsome plans to repeat the 10 billion won buyback and cancellation annually through 2028, making this year's move the first in a three-year shareholder return program. The company is also expanding its dividend policy. It will raise the minimum funding floor for dividends — calculated on a separate-basis operating profit — from 15 percent to 20 percent, and lift the minimum dividend per share from 750 won to 800 won. "We plan to enhance shareholder value through an active three-year shareholder return policy that includes raising the minimum dividend, increasing the dividend funding ratio, and carrying out share buybacks and cancellations," a company official said.

Sept. 18, 2026

Goseong Pollock Festival returns in October with singer Kim Yeon-ja, whose past stage featured BTS as backup dancers

Goseong-gun in Gangwon Province, known as the home of pollock, will host the 26th Goseong Pollock Festival from Oct. 2 to 5 along the Geojin 11-ri beachfront. Co-hosted by the Goseong Culture Foundation and the Goseong Pollock Festival Committee, this year's event carries the theme "25+1: A New Discovery," reimagining pollock — the county's defining cultural asset — through a contemporary lens while weaving in stories of local residents, the sea and the region. The festival is designed to encourage active community participation. Invited performers include singers Kim Yeon-ja, Oh Yu-jin, Jaja and Sinseong, and fireworks displays over the night sea are scheduled for Oct. 3 and Oct. 5. Kim drew wide attention when BTS and other K-pop stars danced as backup performers during her rendition of "Amor Fati." Performances will be spread across multiple stages throughout the festival grounds — including a mural stage, a main stage and a sea stage — so visitors arriving at any hour can enjoy shows and activities without timing their visit around a fixed schedule. This year's festival moves away from a performance-heavy format, dividing the grounds into three zones — "Discovery of Pollock," "Discovery of Residents" and "Discovery of the Sea" — with food, performances and hands-on activities distributed across all three so visitors can enjoy a full experience whenever they arrive. Opening and closing ceremonies will be streamlined, and the reliance on a single large main stage will give way to three separate stages, shifting the focus from formality to programming. A pollock gastronomy zone and live chef cooking demonstrations will present pollock as a new food culture, with plans to connect festival menus to year-round offerings at local restaurants. Local residents will take an active role as content creators through a pollock village radio station, a pollock memory storytelling competition, a local fishing song contest and community performances, bringing the stories and warmth of Goseong's people into the festival. Activities ranging from bare-hand live fish catching and a seaside playground to an AI music festival and a silent DJ set will cater to families and young visitors alike. A sea bus to Baekseom island and a naval vessel tour will allow festival-goers to explore the broader Geojin area's tourism and commercial districts alongside the main venue. The festival will expand its use of local businesses and workers, and reusable containers will be introduced at food booths to strengthen community cooperation and environmentally friendly operations. Safety management plans covering traffic, parking, emergency medical care and severe weather will also be put in place, with a joint inspection before the event to ensure safe festival operations. "This year's pollock festival marks the start of a new chapter after 25 editions, and we are preparing it as a chance to rediscover the familiar — pollock, our residents and the sea off Geojin," a Goseong Culture Foundation official said. "We will do our utmost until the very end to make this a festival where visitors can experience not just eating and enjoying pollock, but also the stories of Goseong's people and the culture of the region." Pollock holds a place in the Korean cultural imagination beyond the dinner table — the art song "Pollock" famously describes it as the humble snack of a poor poet, embedding the fish in the lives, literature and music of those who have worked the sea.

Sept. 18, 2026

Hypermarket deregulation stalls seven months on, clouding Homeplus sale

Bill to allow early-morning delivery has cleared zero committee reviews since February Passage this year in doubt as small-business groups push back Sales at the big three hypermarkets fell 4.4 percent annually over five years while online rivals soared Regulatory overhang seen as a deterrent to potential Homeplus buyers Regulations on hypermarkets are back in the spotlight as Homeplus heads to the mergers and acquisitions market, with critics warning that 14 years of restrictions have eroded the offline retail sector and will make it harder to find a new buyer. The government said early this year it would lift the ban on early-morning delivery by hypermarkets, but the discussion has been going around in circles for months. As of Friday, five bills to ease hypermarket operating restrictions — all amendments to the Distribution Industry Development Act — were pending in the 22nd National Assembly, according to industry and political sources. The bill introduced by Democratic Party of Korea lawmaker Kim Dong-a, which triggered the government's push for deregulation, was referred to the legislation subcommittee of the National Assembly's Trade, Industry, Small and Medium Enterprises and Startups Committee on May 19 and has sat there ever since. Four months have passed since the referral with no review in sight. "Opposition from small-business groups is so strong that it is hard to say whether a review will even happen this year, let alone whether a bill could pass," one political source said. The bill would keep existing offline operating restrictions in place while carving out an exception for online delivery, allowing early-morning deliveries during the currently prohibited hours of midnight to 10 a.m. It was introduced in early February on the grounds that the hypermarket operating rules introduced in 2012 — originally meant to protect traditional markets and neighborhood shops — had backfired by benefiting e-commerce companies instead. The ruling party and government agreed on deregulation at a senior party-government consultative meeting held ahead of the bill's introduction. Opposition-party bills also focused on easing the mandatory twice-monthly closure requirement and operating-hour restrictions. Contrary to expectations of smooth bipartisan agreement, small-business groups pushed back and stalled the process. Hypermarket operating regulations have come up repeatedly during Homeplus's corporate rehabilitation proceedings. Critics argue the rules have weakened the industry's competitiveness independently of the management problems caused by its major shareholder. According to a retail sales trend survey by the Ministry of Trade, Industry and Energy, combined sales at the three major hypermarkets — E-mart, Lotte Mart and Homeplus — fell an average of 4.4 percent per year from 2020 to 2025. That contrasts sharply with the 12.8 percent average annual growth posted by 11 major online retailers over the same period. This year, hypermarkets have recorded year-on-year declines every month except February. The regulatory environment is likely to act as a further deterrent now that Homeplus has officially put its hypermarket business up for sale. "Even if Homeplus operated 365 days a year, it still would not generate enough to pay off its debts," one retail industry official said. "Who would want to step in when the industry's future looks this bleak?" The government has been quietly canvassing opinion among stakeholders including small-business groups and hypermarket operators, but sentiment is evenly divided. In the meantime, major hypermarket chains are searching for a way forward. Lotte Mart's Zeta Smart Center, which opened in Gangseo-gu, Busan, in August, is a prime example. The company began making deliveries through its own logistics center, which is not subject to the current regulations. Land acquisition and construction alone cost about 200 billion won ($145 million). According to Lotte Mart, order volume in August, the center's first full month of operation, rose about 30 percent from a year earlier. E-mart has also been running early-morning deliveries in the Greater Seoul area and select other regions through its e-commerce affiliate SSG.com and a separate logistics center. In an online survey conducted by Now N Survey from Aug. 28 to Tuesday among 960 adults aged 20 and older, 50.7 percent said they opposed the mandatory closure requirement for hypermarkets, while 34.2 percent supported it and 15.1 percent said it made no difference to them. Choi Cheol, a professor of consumer economics at Sookmyung Women's University, said the mandatory closure and operating-hour restrictions had ultimately added to consumer inconvenience without meaningfully boosting small retailers' sales. "It is time to shift direction — away from regulating hypermarkets and toward support that strengthens the advantages of traditional markets and neighborhood commercial districts," he said.

Sept. 18, 2026

No time difference, no problem: K-food brands gear up for Asian Games boost

Online and offline sales expected to rise during major events Chicken chains, convenience stores roll out discounts and buy-one-get-one deals K-food franchises in Nagoya see chance to raise brand awareness South Korea's food and retail industries are buzzing with anticipation ahead of the 2026 Aichi-Nagoya Asian Games, being held in neighboring Japan. With no time difference between the two countries, businesses expect a sales boost every time a marquee event tips off in popular sports such as baseball, soccer and basketball. The Games, held in Aichi Prefecture and Nagoya, run through Oct. 4. The men's national basketball team, chasing its first Asian Games gold medal in 12 years, drew widespread attention after strong offensive showings in the group stage and quarterfinals held before the opening ceremony. The baseball team is gunning for a fifth straight title, while the men's soccer side is seeking a fourth consecutive gold. Star athletes including badminton player An Se-young, swimmers Hwang Sun-woo and Kim Woo-min, and League of Legends player Faker (Lee Sang-hyeok) are also chasing records. Chicken franchise chains have launched sports-themed promotional events on their apps to coincide with the Games. bhc is running its "Fighting Korea Cheering Festival" from Sept. 10 through Oct. 4, offering discounts of 1,000 to 5,000 won per order. The campaign also includes guerrilla missions that reward customers with Curinkle exchange vouchers during "big match" games. Kyochon Chicken kicked off its "Kyochon Medal Challenge" on Thursday, running through Oct. 4, awarding points and discount coupons based on the number of medals customers collect with each order. bbq is offering a 4,000-won discount on popular menu items on Fridays and a 5,000-won discount on takeout orders placed in September. Chicken chains have long been among the biggest beneficiaries of international sporting events such as the Olympics and the World Cup. This year, however, both the 2026 Milan-Cortina d'Ampezzo Winter Olympics and the FIFA 2026 World Cup in North and Central America were held in time zones far from Korea. In the case of the World Cup, all of the Korean national team's group-stage matches kicked off between 10 and 11 a.m., and the team's early exit in the group stage further limited the sales windfall. "Unlike the World Cup, the Asian Games have no time difference, so we expect delivery and takeout sales to climb alongside in-store sales whenever a major match is on," an official at one chicken franchise said. "With the Korean Baseball Organization postseason also around the corner, the effect of our sports-themed promotions should be amplified." Convenience stores are joining in as well. GS25 will run a buy-one-get-one promotion on three varieties of its Sobaba Chicken throughout the Games, along with discounts of 1,000 to 2,000 won on beer and highball drinks and up to 40 percent off snacks. CU is holding a sale of up to 56 percent off on 70 food items — including alcohol, bar snacks, confectionery and fruit — through the end of September. Seven-Eleven is discounting about 300 items, including chicken, alcohol and ramyun, by up to 55 percent through the end of this month. During the North and Central America World Cup, convenience stores near Gwanghwamun, where fans gathered for street cheering, saw double- and triple-digit sales surges in ready-to-eat meals, snacks and beverages. K-food franchises already operating in Nagoya are also looking forward to the Games, expecting not only a surge in demand during the competition period but also a chance to raise their brand profiles. Dessert brand Yoajeong operates three locations in Sakae and Osu, two of Nagoya's prime commercial districts. K-chicken brands including Nene Chicken and bbq (bbq Olive Chicken Cafe) also have stores in the city. "We expect a large influx of domestic and international tourists and foot traffic during the Games, which should naturally translate into more visitors and greater brand recognition," a Yoajeong official said. "We plan to monitor on-site operations closely to ensure customers can enjoy a comfortable experience at our stores."

Sept. 18, 2026

Black Yak Kids launches 'Lightstep Pro' sneaker kids can put on and take off alone

Black Yak Kids announced Friday the launch of the Lightstep Pro, a functional dial-closure sneaker for children. Building on the lightweight feel and comfort of the Lightstep Fly introduced in the spring-summer season, the new model adds enhanced heel stability. A Twist Control System supports the heel through the ankle to reduce twisting, while a Boa Fit System lets children put on and take off the shoes on their own with a simple dial adjustment. The forefoot features Adapt Foam rebound cushioning to absorb ground impact. A functional outsole provides anti-slip grip, a memory foam insole conforms to the shape of the foot, and CDP Rip Keep mesh fabric improves breathability. The shoe comes in beige and mint and is available in sizes 200 to 250 millimeters.

Sept. 18, 2026

Able C&C CEO vows to make Missha a 100-year brand

CEO speaks at Milano Beauty Week event Able C&C, the operator of beauty brand Missha, said Friday that its CEO Shin Yu-jeong spoke at a side event of Milano Beauty Week 2026. Shin addressed the Orient Trade Beauty Night Club event at the VIU Hotel in Milan on Wednesday (local time), sharing views on the drivers of K-beauty's growth and shifts in the global beauty market with about 400 European beauty industry professionals. Shin cited the high expectations of Korean consumers as a key factor behind K-beauty's rise, explaining that their exacting standards — scrutinizing ingredients, functions, efficacy and skin health — have pushed brands to continuously improve and innovate their products. She also pointed to the Korean perception of makeup as an extension of skincare as another force driving product innovation. As a prime example, she highlighted Missha's BB cream, which combines skincare, makeup and sun protection in a single product. Noting the heritage of the European beauty industry, where brands with more than a century of history exist, Shin said she hopes the Korean beauty sector can produce brands that last just as long while staying true to their core identity. "I will do my best to make Missha one of them," she said. Meanwhile, Able C&C posted record quarterly sales in Europe in the second quarter, with European sales rising 48 percent year on year. Overseas sales grew 38 percent in the same period, expanding their share of total sales to 75 percent.

Sept. 18, 2026