South Korean parties agree on 32 livelihood bills amid legislative disputes

South Korea’s main political parties, the Democratic Party and the People Power Party, have reached a preliminary agreement on 32 livelihood-related bills to be processed during the regular National Assembly session. Key points of the agreement include raising the threshold for preliminary feasibility studies for Social Overhead Capital (SOC) projects from 50 billion to 100 billion won and introducing a mandatory tender offer system to protect minority shareholders.

Other discussed measures include expanding tax and financial support for business succession in small and medium-sized enterprises, and increasing military service credits for the National Pension from 12 to 18 months. To address remaining disagreements on sensitive issues like real estate and taxation, the parties plan to form a ‘1-on-1 responsibility consultative body’ composed of vice-chairs from both policy committees.

However, legislative progress faces challenges regarding the Mega Special Zone Act. The Democratic Party seeks to review the bill through the Political Affairs Committee due to the involvement of the Office for Government Policy Coordination, while the People Power Party argues it belongs under the Trade, Industry, Energy, SMEs, and Startups Committee. Additionally, tensions persist over proposed labor exemptions within the special zones, such as the ‘white-collar exemption’ from the 52-hour workweek limit, which has met resistance from labor groups.