Finance minister urges more grace period in enforcing accident act for small firms

SEJONG, Finance Minister Choi Sang-mok on Tuesday called for the National Assembly to pass a revised bill giving an additional two-year grace period for small businesses. The remark came as the Serious Accidents Punishment Act enacted in 2022, which centers on punishing employers accused of failing to fulfill their duties to prevent fatal accidents at the workplace, will be applied to all businesses starting later this week unless the revised bill is approved. "There is no doubt that the safety of workers comes as the top priority," Choi said ahead of the Cabinet meeting. "But we cannot ignore the fact that small and medium-sized firms lack preparations due to their limited conditions," he added. Under the law, owners or CEOs of companies with 50 or more employees are subject to at least one year in prison or up to 1 billion won (US$748,000) in fines in the event of fatal on-duty disasters caused by lax workplace safety measures. Its application on businesses with less than 50 employees is set to begin S aturday, with a bill delaying the implementation for two years currently pending at the parliament. "We ask the National Assembly to acknowledge the challenging situations of the country's small and medium-sized firms, and promptly pass the revision," he added. Source: Yonhap News Agency