Additional 6.83683 Billion Won Allocated for Serious Crime Investigation Agency Operations; Reserve Funds Approved at State Council Meeting

[Financial News] The government will provide an additional 6.83683 billion won in reserve funds to cover the operating expenses of the Serious Crime Investigation Agency, which was launched on the 2nd. After previously allocating more than 120 billion won in reserve funds for the construction of its headquarters and information systems, the government plans to use the additional budget to support operations following the agency's opening.
The government approved a plan to spend the earmarked reserve funds at the 43rd meeting of the State Council of South Korea, held at Cheong Wa Dae on the 6th under the chairmanship of President Lee Jae Myung. The meeting also reviewed and approved 18 bills for promulgation, 15 presidential decrees, and three general agenda items.
The latest reserve-fund expenditure is intended to cover the operating costs of the Serious Crime Investigation Agency, which opened on the 2nd following amendments to the Government Organization Act and the enactment of the Act on the Organization and Operation of the Serious Crime Investigation Agency. The government previously spent 5.02 billion won in reserve funds in April to build information systems, 42.38 billion won in June to construct the headquarters, 68.7 billion won in July for preparations including headquarters construction, and 4.19 billion won last month to establish essential information systems.
The State Council of South Korea also approved a plan to use 425 million won from general reserve funds for the establishment and operation of the National Drone and Counter-Drone Strategic Promotion Team.
The government also established detailed standards for a minimum-guarantee system to help victims of jeonse fraud recover their deposits. An amendment to the enforcement decree of the Special Act on Support for Jeonse Fraud Victims and Housing Stability sets the calculation standards for the minimum support amount and advance payment when the recovery amount falls short of one-third of the rental deposit, as well as the method for settling the advance payment. The revised Special Act on Support for Jeonse Fraud Victims and Housing Stability will take effect on November 13.
The State Council of South Korea also approved a bill for promulgation amending the Act on Fair Transactions in Large Retail Business to shorten the period within which large retailers, including hypermarkets, must pay suppliers. For special-contract purchase and consignment transactions, the payment deadline will be reduced from within 40 days of the monthly sales closing date to within 20 days. For direct-purchase transactions, it will be shortened from within 60 days of receiving the goods to within 35 days. The amended law will take effect one year after the day it is promulgated.
An amendment to the enforcement decree of the Wage Claim Guarantee Act raises the maximum reward for reporting fraudulent receipt of substitute payments, which the state provides in place of employers for unpaid wages, from 100 million won to 200 million won. An amendment to the enforcement decree of the Civil Execution Act allows any amount exceeding the limit to be automatically separated and transferred to a management account in the depositor's name designated by the depositor when funds exceeding the limit are deposited into a livelihood expense account, which protects up to 2.5 million won from seizure.
The State Council of South Korea also approved an amendment to the Decree on Public Officials Appointment Examinations to add young people preparing for independent living and young people with extended protection periods to the list of applicants exempt from civil service examination fees. It also established a legal basis for selecting additional successful candidates when appointments are postponed for reasons such as military service.
The meeting also included ministry reports on the status of emergency state administration and responses related to the war in the Middle East, a roadmap for the major AI transformation of welfare and care, and progress in implementing measures to prevent ticket scalping.
[email protected] Sung Seok-woo Reporter