The National Assembly’s Special Committee on Budget and Accounts has recently pointed out in a report the need to reduce the proportion of wage earners exempted from income tax. The committee has expressed concern that the ever-expanding share of workers who do not pay any income tax could have negative effects on the government’s tax revenue in the long term as it would deter the expansion of the taxation base.Last year, of the 16.7 million Korean workers, 8.02 million, or 48.1 percent, did not

Editorial July 13, 2016

In Korea, research on creating stem cell lines using cloned human embryos has been virtually suspended following the cloning scandal of Hwang Woo-suk, which erupted in 2005 causing a stir around the world.Hwang, then a professor at Seoul National University, claimed that he had successfully established stem cell lines from cloned embryos. But his work was discredited as he was found to have fabricated a series of experiments.The scandal prompted the government to enact the Bioethics and Safety A

Editorial July 13, 2016

At the beginning of this year, Al Jazeera sued the Egyptian government for $150 million. The Qatar-based news channel presented its case before the World Bank’s International Centre for Settlement of Investment Disputes in Washington. But much more is at stake than a simple commercial disagreement in which Al Jazeera is attempting to enforce Egypt’s obligations under a bilateral investment treaty with Qatar.In its suit, Al Jazeera alleges that its offices were closed, its transmissions and broad

Viewpoints July 13, 2016

One of the U.S.’s biggest economic challenges is the slump in productivity. After climbing steadily for many decades, productivity has slowed dramatically since 2011.　　Productivity is the key to long-term prosperity. It represents a hard ceiling on the amount of valuable things that a society is able to produce. If productivity flatlines, it means that the pie isn’t growing, and there will be less to divide up among us. So finding the cause of the slowdown is a big, important task.　Some pessimis

Viewpoints July 13, 2016

China was widely expected to reject a ruling against its maritime claims in the South China Sea, and it didn’t disappoint. Declaring Tuesday’s 479-page decision “null and void,” China said it “neither accepts nor recognizes it.”　More important than what China says, however -- and Tuesday’s statement is more measured than last week’s, when Chinese leaders denounced the opinion in advance as “a piece of waste paper” -- is what China does. Its neighbors and the U.S. should make clear how dangerous

Viewpoints July 13, 2016

As expected, the decision to deploy a U.S. missile defense system in South Korea has many ramifications that pose hard challenges to the country -- specifically to President Park Geun-hye. First of all, Park -- as the commander-in-chief -- needs to make sure the South Korean military prevents or deals properly with any provocations from North Korea, which is reacting fiercely to the planned deployment of the Terminal High Altitude Area Defense. In its first reaction to the announcement, the Nort

Editorial July 12, 2016

Last week the Asian Infrastructure Investment Bank posted a job vacancy announcements on its website. It included openings for vice president for finance and director-general for risk management.The announcement confirmed that the bank is seeking a replacement for Hong Ky-ttack, the South Korean vice president for risk management who is on a leave of absence. Also evident is that the vice presidency that had been held by Hong went to the finance officer and the post of the risk management office

Editorial July 12, 2016

As minister of culture, sports and tourism of the Republic of Korea, I am pleased to send heartfelt congratulations on the 20th Anniversary of the Asia-Europe Meeting, a central forum for cooperation between the two regions. Cooperation requires unceasing efforts for mutual understanding, and for this reason, I am grateful to ASEM and the Asia-Europe Foundation for taking the principal initiative in promoting such efforts.Underlying the recent tragic terror attacks in Paris and all other conflic

Viewpoints July 12, 2016

Since the onset of the global financial crisis, I have pointed out that advanced economies should learn policy lessons from the experience of the developing world. This argument has been reinforced by two developments last week: the destabilization of the pound after the Brexit vote in the U.K., and indications that the U.S. now has less influence over the yield curve for its government bonds.For decades, three key beliefs structured our understanding of the economic and financial underpinnings

Viewpoints July 12, 2016

The purpose — and even the survival — of the European Union is being questioned as never before. In fact, Europe’s citizens and the world need a strong EU now more than ever.Europe’s wider region has become less stable and more insecure in recent years. Moreover, the crises within and beyond the EU’s borders are directly affecting the lives of all European citizens.In challenging times such as these, a strong EU is one that thinks strategically, shares a vision, and acts together. In the wake of

Viewpoints July 12, 2016