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Like in most jurisdictions, the recognition of a will by a court of law requires precise formalities. We advise that most people have a will. For individuals with wills that shall be governed by Korean Law the formalities are noted below. We have omitted two forms of wills – a will by audio recording and
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As proposed in April 2019 by the Korean Chair of the Health and Welfare Committee, the Korean In Vitro Diagnostic Medical Devices Act (hereinafter as “Korean In Vitro Act”) intends to, among other things,: “…ensure the safety and quality of in vitro diagnostic medical devices, to strengthen global competitiveness thereof, and furthermore, to contribute to
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Amendment to the Act of the Employment, etc. of Foreign Workers in Korea (hereinafter as “Amendment to the Act of the Employment of Foreign Workers” of Korea) was proposed by the Korean Environment and Labor Committee in December 2018. The focus of the Amendment of the Employment of Foreign Workers is on the improvement of
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Ministry of Employment & Labor of Korea South Korea has chosen to raise the minimum wage by 2.9% for 2020 to KRW 8,590 (c. USD 7.11). The Minimum Wage Commission of Korea set the wage at a lower than expected increase because of deteriorating economic conditions in Korea. President Moon’s
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The European Union General Data Protection Regulation (EU GDPR) focuses on the data security of personal data of users of the internet. As the EU offers a potentially lucrative market for online businesses for many Korean companies, South Korea was eager to amend its existing Act on the Promotion of IT Network Use and Information
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The recently enacted Korean Corporate Restructuring Promotion Act (hereinafter “CRPA”) focuses on facilitating “…constant corporate restructuring and promotes the stabilization of financial markets and the development of the national economy, by providing for matters necessary to promptly and efficiently implement corporate improvement of enterprises with signs of insolvency.” (Art 1 (Purpose) CRPA). The CRPA is
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As a reaction to several accidents in waste storage facilities, the Korean National Assembly passed an an Amendment to the Korean Waste Control Act on March 28, 2019. The amendment puts in place, a more transparent measures and rules for waste-storage facilities. Major Amendments to the Korean Wastes Control Act Set of safety measures for
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The Amendment to the Korean Framework Act on International Development Cooperation (hereinafter as “Act”) was proposed by the Korean Foreign Affairs and Unification Committee at the end of last year. The law intent is to improve the human rights of juveniles in developing countries by the establishment of a variety of international development cooperation programs
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The Amendment to the Korean Registration of Korean Nationals Residing Abroad Act (hereinafter as “Amendment to the Registration of Korean Nationals Abroad Act”) shall enter into force at the end of 2019. The Amendments major focus is on collecting more information about Korean nationals staying or residing abroad. For a related update related to Korean
Read MoreGuide to Severance Pay Severance pay is compensation that a company pays to a departing employee as a lump sum or over time. Companies often have set formulas for calculating severance packages that may be based on years of service or the seniority of an employee. Some companies also offer a package that compensates employees
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