[Minute to Read] President Yoon unveils plan for secure pension payments and variable premiums
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The Minute to Read (Weekend) series provides a quick overview of significant events in Korea from the week, conveniently condensed into a one-minute read. Here’s a recap of what happened this week: Aug. 26-30.
President Yoon unveils plan for secure pension payments and variable premiums
On Aug 29., President Yoon Suk-yeol announced new pension reform measures, which include codifying the guarantee of national pension payments and implementing premium increases that vary by generation. During a policy briefing at the Yongsan Presidential Office, he also shared reform plans for healthcare, labor, and education. Acknowledging that reforms often meet with resistance, President Yoon stated, “Reform inevitably brings resistance,” but pledged to carry out his responsibilities and complete these four major reforms.
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Biotech stocks heat up in S. Korea after Yuhan’s market surge
The South Korean stock market is buzzing as investors look for the next big opportunity, similar to Yuhan Corporation. On Aug 20., Yuhan Corporation announced that its combination therapy of “Leclaza” (lazertinib) with Johnson & Johnson’s cancer drug “Rybrevant” (amivantamab) had received FDA approval. Following this announcement, Yuhan’s stock price soared, boosting investor confidence in the biotech sector. Additionally, the increasing likelihood of interest rate cuts has further fueled positive market sentiment.
On Aug 29., a report from a securities firm suggested that ABL Bio could be poised to follow in Yuhan Corporation’s successful footsteps, causing a sharp rise in its stock price.
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Hyundai Motor unveils multi-billion dollar buyback and EV expansion plan
Hyundai Motor has announced plans to buy back shares worth 4 trillion won (approximately $2.99 billion) over three years, from 2025 to 2027, and to pay a minimum dividend of 10,000 won per share. The company also outlined a strategy to invest an average of 12 trillion won ($8.99 billion) per year over the next decade, aiming to strengthen its position in the market by focusing on electric and hybrid vehicles.
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Huawei and ZTE capture over 50% of global telecom equipment market
An analysis has shown that in the second quarter of this year, the combined global market share of Chinese companies Huawei and ZTE in the telecommunications equipment sector exceeded 50%. Despite efforts by major European countries like Germany and the UK to reduce their reliance on Chinese telecom equipment, Huawei and ZTE have continued to gain ground. Both companies have recently expanded their presence, particularly in emerging markets such as South America and Africa.
According to technology research and advisory firm Omdia, Huawei’s share of the global telecommunications equipment market grew to 36.8% in the second quarter, while ZTE’s rose to 13.8%. These figures represent increases of 3.8 percentage points and 1.2 percentage points, respectively, compared to the same period last year, bringing their combined market share to 50.6%. During the same period, Ericsson’s market share fell to 23%, a decrease of 0.9 percentage points, and Nokia’s dropped to 17.7%, down 3 percentage points.
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NCT member Taeil leaves group over sexual offense allegations
On Aug 28., the Seoul Bangbae Police Station announced that K-pop band NCT member Taeil (Moon Tae-il) has been criminally charged and is currently under investigation for a suspected sexual offense. SM Entertainment, NCT’s management agency, released a statement on the same day, stating, “We have recently been made aware that Taeil is facing allegations in a criminal case involving a sexual offense. Given the seriousness of the situation, we have decided, after a thorough discussion with Taeil, that he can no longer continue his activities with the group. As a result, Taeil has chosen to take a leave from the team.” Taeil made his debut in 2016 with NCT’s sub-unit, NCT U, and has since been active with both NCT and its sub-group NCT 127.
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Yogiyo offers voluntary retirement amid financial struggles
Yogiyo, the third-largest food delivery service in South Korea, is offering voluntary retirement for the first time as a cost-saving measure. On Aug 28, Wesang LLC, the company that operates Yogiyo, announced that it had sent voluntary retirement notices to its employees. The offer is open to all staff members, regardless of their rank, position, tenure, or age. Employees interested in applying for this program can do so between Oct 2 and 13, and after a review process, the retirements will be finalized by Oct 27.
Those who choose to retire voluntarily will receive a severance payment equivalent to four months of their fixed monthly salary. Employees with less than a year of service will receive a prorated amount based on the number of days they have worked. In addition, the company will provide career counseling, interview preparation, and three months of psychological support to help ease the transition.
This marks the first time Yogiyo has implemented a voluntary retirement program since it was founded in 2011. Last year, Wesang LLC reported a consolidated operating loss of 65.5 billion won (around $49.08 million). A spokesperson for Yogiyo explained that “challenging market conditions and intense competition” have necessitated the introduction of this voluntary retirement program.
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BTS fans split over Suga’s drunk driving controversy
The global fanbase of K-pop boy band BTS, known as ARMY, has been sharply divided following member Suga’s (Min Yoon-gi) drunk driving incident on an electric scooter. Korean fans (K-ARMY) are calling for Suga to leave the group, arguing that his actions have tarnished BTS’s reputation. In contrast, international fans (I-ARMY) are defending him, claiming the reaction from Korean fans and media is overly severe. In Korea, protests have escalated, with funeral wreaths placed outside HYBE’s office and banners condemning Suga displayed near his home. On the other hand, international fans are voicing their frustration over what they see as unfair backlash and mistreatment of BTS in Korea, with some even threatening to boycott the country. This rift has led to a heated exchange of accusations, with K-ARMYs criticizing I-ARMYs for not understanding Korean laws, while international fans distance themselves from Korean fans, declaring that they no longer consider them true ARMY.
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