South Korea Sets Stricter Measures for Industrial Accidents Fatalities
(MENAFN) South Korea is set to intensify penalties for companies responsible for industrial accident fatalities, the Ministry of Employment and Labor announced on Monday.
Under the new regulations, businesses that experience more than three fatal industrial accidents per year will face fines of up to 5 percent of their operating profits. The move aims to hold companies more accountable for workplace safety.
The government will also extend business suspensions for companies with multiple fatalities, lengthening the current suspension period of 2-5 months. Additionally, if a construction company has been subject to suspension twice within a three-year period, its license will be revoked, the ministry stated.
To further discourage repeated violations, companies that frequently experience serious industrial accidents will face restrictions on public bidding, with their selection points deducted during bidding processes.
The measures are part of South Korea’s broader effort to reduce industrial accident fatalities, aiming to lower the current death rate from 0.39 per 10,000 people to 0.29 by 2030, in line with the standards set by the Organization for Economic Cooperation and Development (OECD).
Under the new regulations, businesses that experience more than three fatal industrial accidents per year will face fines of up to 5 percent of their operating profits. The move aims to hold companies more accountable for workplace safety.
The government will also extend business suspensions for companies with multiple fatalities, lengthening the current suspension period of 2-5 months. Additionally, if a construction company has been subject to suspension twice within a three-year period, its license will be revoked, the ministry stated.
To further discourage repeated violations, companies that frequently experience serious industrial accidents will face restrictions on public bidding, with their selection points deducted during bidding processes.
The measures are part of South Korea’s broader effort to reduce industrial accident fatalities, aiming to lower the current death rate from 0.39 per 10,000 people to 0.29 by 2030, in line with the standards set by the Organization for Economic Cooperation and Development (OECD).
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