SEOUL, Nov. 10 (Yonhap) — The ruling People Power Party (PPP) said Sunday it will propose a semiconductor bill aimed at providing incentives to chipmakers from the investment stage.
The party plans to officially unveil the proposal Monday, with the goal of reaching a bipartisan agreement by Nov. 28 and passing the bill, Rep. Kim Sang-hoon, chair of the party’s policy committee, said.
According to Kim, the core of the bill is to offer incentives to companies as soon as their investments are confirmed.
“Giving subsidies upfront at the investment decision stage will serve as a strong incentive for companies, like in the United States,” he said, adding, “We will seek to establish a legal basis for similar support in Korea.”
The bill will also propose measures to enhance labor flexibility, particularly concerning the current 52-hour workweek at large companies.
“If labor and management agree, we will include provisions for exemptions from the 52-hour workweek,” Kim said, acknowledging feedback from high-tech companies that the law needs greater flexibility to support better research and development.
PPP officials have said the party plans to accelerate legislation processes to better support Korean companies, especially in light of the increased volatility in global trade following the U.S. presidential election.
The ruling People Power Party’s policy committee chair Kim Sang-hoon speaks during a meeting with reporters at the National Assembly in Seoul on Nov. 10, 2024. (Yonhap)
jaeyeon.woo@yna.co.kr
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