[Editorial] Household debt issue

South Korea’s household debt is growing at an alarming pace amid lingering concerns about financial risks that might shoot up depending on a combination of internal and external factors. The debt service ratio, or DSR, for households in Korea stood at 13.6 percent last year, the second-highest among 17 major countries, the Bank of International Settlements said in a report. Australia ranked first with 14.7 percent DSR. The DSR is used as a metric by lenders and borrowers to measure the pro

July 19, 2023

[Editorial] Quick fix won't work

The damage from the weekend's torrential rain is enormous across the country. A dayslong downpour brought mountain slopes crashing down on houses. Swollen rivers burst their banks, inundating villages and farmland. A multipurpose dam overflowed. Regular train services were interrupted. There has been huge property damage, but above all, many people lost their lives. According to the Central Disaster and Safety Countermeasures Headquarters of the Ministry of the Interior and Safety, 41 peopl

July 18, 2023

[Editorial] Medical workers’ strike

Unionized medical workers ended their two-day strike Friday, a relatively brief walkout. However, it caused operational disruption at hospitals and much inconvenience to patients across the nation, showing how much damage such a strike could generate -- even in a short period of time. After all, hospitals play crucial roles of treating and saving people in their local communities. Massive disruptions started by a walkout could delay surgical operations and emergency treatment, putting innocent p

July 17, 2023

[Editorial] Boost nuclear energy

The government expressed its intention to construct new nuclear power plants. Minister of Trade, Industry and Energy Lee Chang-yang said in the 29th meeting of the Energy Committee on Monday that it is necessary to consider expanding capacity to supply nuclear energy and hydrogen to meet the increasing demand for electric power. The Yoon Suk Yeol administration scrapped the previous Moon Jae-in administration's policy, which was to phase out nuclear energy in favor of transitioning more rap

July 14, 2023

[Editorial] Absence of oversight

The National Election Commission, whose reputation suffered a serious setback over a nepotism dispute in recent months, is now in hot water again as a new inspection has revealed different types of irregularities. The Board of Audit and Inspection conducted a regular inspection and announced Monday that 128 employees of the election watchdog violated the country’s anti-graft law by misusing taxpayer money. The audit shows that some NEC committees did not pay the non-permanent commissioners

July 13, 2023

[Editorial] Signs of insolvency

Jitters over a run on the Korean Federation of Community Credit Cooperatives, also known as MG Community Credit Cooperatives, are showing signs of calming down. Withdrawals subsided and many of those who rushed to withdraw savings are redepositing them. According to an inter-agency response team, deposit withdrawals from KFCC turned to a downward trend on July 7. They shrank about 1 trillion won ($765 million) from a day earlier. Demand for deposit withdrawal came to a lull about 10 days after i

July 12, 2023

[Editorial] Flawed telecom policy

The Ministry of Science and ICT on Thursday unveiled a set of plans aimed at lowering mobile subscription fees and increasing competition in the telecom market. One key measure is to allow a fourth carrier to enter the mobile telecom market dominated by three players -- SK Telecom, KT and LG Uplus. With a new player in the fray, the government hopes competition among the carriers will intensify in a way that will lead to more affordable monthly subscription plans. The new plan of the ICT Ministr

July 11, 2023

[Editorial] Show proof

The Minister of Land, Infrastructure and Transport Won Hee-ryong said Thursday that he would cancel a project to construct an expressway linking Seoul to Yangpyeong, Gyeonggi Province. The capital is surrounded by the province and the county of Yangpyeong, a subdivision of the province, is east of Seoul. Won’s abrupt declaration was a response to the allegations raised by the opposition Democratic Party of Korea that the ministry rerouted the expressway to benefit first lady Kim Keon Hee&r

July 10, 2023

[Editorial] Relieve anxiety

The government said Wednesday that it respects the outcome of the International Atomic Energy Agency's safety review of the Japanese government's plans to discharge contaminated wastewater from its wrecked Fukushima Nuclear Power Plant into the sea. A day earlier, the IAEA unveiled its final report that Japan's Fukushima wastewater release plan is consistent with its international safety standards. The release cannot be welcome but the reality is that it is difficult for the gover

July 7, 2023

[Editorial] Belt-tightening needed

“Even if we lose the elections, we must push for fiscal soundness,” said President Yoon Suk Yeol while presiding over a national financial strategy meeting with government and ruling party officials on June 28. “The amount of budget cut should be used as a yardstick to assess how innovative ministries are.” Yoon’s remarks can be interpreted as a sign that he is fully committed to tightening the country’s fiscal belt, even though trimming and pruning some nones

July 6, 2023

[Editorial] Political strike

The Korean Confederation of Trade Unions launched a two-week general strike on Monday, demanding the resignation of President Yoon Suk Yeol. It is feared the general strike will dampen any signs of a recovery in exports, which prop up South Korea’s economy. The country posted a trade surplus of $1.13 billion last month, ending a 15-month streak of trade deficit. The confederation threatened to mobilize more than 400,000 of its 1.2 million members to strike, which will rotate among its affi

July 5, 2023

[Editorial] ‘Ghost children’

The National Assembly finally passed the much-delayed bill that requires medical institutions to report new births to the government Friday. As with other hastily arranged legislation, South Korean lawmakers acted only after the nation witnessed shocking events that prompted public outcry. This time, the trigger came from long-concealed crimes against unregistered babies, two of whom were found dead in a refrigerator -- a striking example of fatal loopholes in the nation’s baby registratio

July 4, 2023

[Editorial] Take precautions

China's revised anti-espionage law came into effect on Saturday. Its scope of espionage activities was broadened. Beijing became more powerful than ever to punish what it deems threats to national security. The problem is that the concept of espionage has become ambiguous. Reportedly under the law, "relying on espionage organizations and their agents" as well as the unauthorized obtaining of "documents, data, materials and items related to national security and interests"

July 3, 2023

[Editorial] Mixed outlook

For South Korea, a nation heavily dependent on exports, the continued slump in key export items such as semiconductors casts a dark cloud over its economic prospects for the second half of this year. Attention is now turning to the second-half economic plans and projections the government will announce next week. Ahead of the crucial announcement, Finance Minister Choo Kyung-ho hinted at the government’s policy focus. The country will strive to revive exports, stimulate investment and main

June 30, 2023

[Editorial] Flip side of minimum wage

The purpose of minimum wage is to protect vulnerable workers by preventing employers from exploiting employees. But the current minimum wage, a result of excessive hikes under the government of President Moon Jae-in, has done serious harm to both employers and workers. A lot of financially distressed small business owners were driven into firing employees or closing down their stores as they could not afford minimum wage any longer. Minimum wage put vulnerable workers in danger of job loss rath

June 29, 2023

[Editorial] Tackling private education

South Korea’s Education Ministry unveiled new plans aimed at reducing students’ excessive reliance on private education in preparing for the country’s college scholastic ability test, known as the Suneung. At the heart of the plans is setting up a ministry-level committee made up of public school teachers, which will adjust the difficulty level of the Suneung by excluding so-called “killer questions” -- usually the most difficult test questions covering topics often

June 28, 2023

[Editorial] Disclose merits

The Ministry of Patriots and Veterans Affairs recently requested from the National Archives of Korea records on those who are to be recognized as meritorious persons under the opposition Democratic Party of Korea's "bill on the honorable treatment of persons of distinguished service to democracy of Korea," but the request was turned down. In a session of the bill review subcommittee of the National Policy Committee of the National Assembly on Tuesday, the ministry said that it had

June 27, 2023

[Editorial] Protect unregistered babies

In South Korea, where the fertility rate remains at a record low, each and every newborn baby deserves proper care and attention. Unfortunately, some unregistered babies are exposed to fatal risks and horrendous crimes, due largely to irresponsible parents and the absence of a policy to protect babies. The Board of Audit and Inspection found that a total of 2,236 babies born between 2015 and 2022 were undocumented after birth, and conducted a sample investigation into 1 percent, or 23 unregister

June 26, 2023

[Editorial] Follow reciprocity

Kim Gi-hyeon, leader of the ruling People Power Party, said in an address to the National Assembly on Tuesday: “China grants no suffrage to our people. It is fair to give no voting rights to foreigners from such country.” Kim also said, “Compared with the range of those dependents of our people residing in China who can be registered as beneficiaries of its health insurance system, that of dependents of Chinese residents in South Korea on its health insurance plan is much wider

June 23, 2023

[Editorial] Sluggish competitiveness

The annual report on world competitiveness ranking issued by the International Institute for Management Development, or IMD, tends to draw keen attention from media and policymakers here. While some critics question the report’s accuracy, it nonetheless serves as a valuable yardstick for assessing a country’s global competitiveness. The IMD has been putting out the report since 1989, reflecting four factors that determine a nation‘s competitiveness: economic achievements, gover

June 22, 2023