The ruling and opposition parties on the 27th passed seven noncontroversial livelihood bills at a National Assembly plenary session, including the "K-steel Act (special bill to strengthen the competitiveness of the steel industry and transition to carbon neutrality)" to support the domestic steel industry.
The National Assembly held a plenary session in the afternoon and put seven bills on the floor, passing them by bipartisan agreement. The Democratic Party of Korea initially pushed to pass more than 90 noncontroversial livelihood bills, but through a ruling-opposition meeting held before the plenary session decided to prioritize only seven bills.
The K-steel Act is a bill jointly proposed in Aug. by 106 lawmakers from both sides to support the domestic steel industry. Although it was a bipartisan agreement, it was delayed from being put on the floor due to various political issues and passed on this day.
The amendment includes provisions to strengthen the competitiveness of the domestic steel industry and support the transition to carbon neutrality by creating a low-carbon steel certification system and low-carbon steel special zones. To promote restructuring of steel businesses, it also shortens and codifies the Fair Trade Commission's merger review period and provides the basis to offer benefits such as reductions in taxes and employment retention subsidies during business restructuring. In addition, it makes it mandatory for the Minister of Trade, Industry and Energy to establish and implement a basic plan every five years and an annual action plan, and includes provisions for the Steel Industry Competitiveness Enhancement Special Committee under the prime minister to deliberate and decide related policies.
The Electronic Financial Transactions Act, known as the "T-MEP incident prevention act," centers on requiring payment gateways (PG operators) to pay sales proceeds within settlement deadlines and manage settlement funds in safe ways such as deposits, trusts, or payment guarantee insurance. It also includes penalties of up to 10 years in prison or fines of up to 100 million won if PG operators use prepaid balances or amounts subject to settlement for purposes other than intended. In addition, if a PG operator fails to follow management guidance standards, the Financial Services Commission (FSC) may demand corrective action and, if noncompliance continues, may impose business suspension, registration cancellation, and other measures.
In addition, the ruling and opposition parties passed the following: ▲ the "Act on Special Cases concerning the Confiscation of Proceeds of Corruption," which stipulates confiscation and collection for crime victim property arising from specific fraud crimes by criminal organizations; ▲ the "Essential Agricultural Inputs Support Act," which supports all or part of the increase in prices of essential agricultural inputs for farm business entities when prices rise above a certain level due to supply chain risks; ▲ the "Special Act on the Promotion of Traditional Markets and Shopping Districts," which supports community projects pursued by traditional markets and bans the reuse and resale of Onnuri gift certificates.
Also passed were the "Special Act on Support for Agencies Transferred to Busan as a Maritime Capital," which institutionally backs the transfer of the Ministry of Oceans and Fisheries and related agencies to Busan and comprehensively and systematically supports the smooth relocation and stable settlement of transferred agencies, and an amendment to the National Pension Act that excludes people whose excess monthly income is less than 2 million won from old age pension reduction based on income activity.