Yoon urges extended Accidents Act grace period as expiration looms

President Yoon Suk Yeol on Thursday called on lawmakers to extend the grace period waiving industrial accident laws for small businesses, though the two parties have yet to reach an agreement as of Thursday's plenary session.

President Yoon Suk Yeol speaks during a town hall meeting on Jan. 15 in Suwon, Gyeonggi. [YONHAP]

President Yoon Suk Yeol on Thursday called on lawmakers to extend the grace period waiving the serious industrial accidents law for small businesses, though the two parties have yet to reach an agreement as of Thursday's plenary session.

Yoon on Thursday urged lawmakers to “do [their] best to pass the revision on the Serious Accidents Punishment Act during the plenary session today,” in a message through a presidential spokesperson.

The message comes before the Act's grace period for small businesses with fewer than 50 employees expires this weekend, and as the ruling and opposition parties have struggled to reach an agreement.

“While there is no doubt that a worker’s safety should always come first above all, we also need to consider the struggles that 830,000 small business owners and those in the small- to medium-sized enterprises (SMEs) are going through,” Yoon said.

However, as the ruling and opposition parties have yet to reach an agreement on the revised bill, which would extend the grace period for two years, as of Thursday afternoon, small businesses will likely be subject to the law starting this Saturday.

The Serious Accident Punishment Act, which was enacted for bigger businesses in 2022, holds employers liable for fatal on-site accidents due to a lack of safety measures.

Employers can face a one-year minimum prison term or a fine of up to one billion won ($750,000). The law would apply to all businesses beginning Jan. 27 unless lawmakers pass a bill extending the small business grace period before its deadline.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]