A majority of companies in Korea say they are satisfied with the government’s efforts to streamline regulations, even as nearly half cite safety rules as the biggest burden they face this year, a business survey showed. The Korea Enterprises Federation (KEF) said Tuesday that 63.8 percent of 517 companies with 50 or more employees reported being satisfied with the government’s efforts to rationalize regulations, compared to 23.4 percent that said they were dissatisfied. Nearly half of respondents identified safety mandates as their primary burden, specifically citing the Serious Accidents Punishment Act — a contentious law that can hold executives criminally liable for fatal workplace mishaps. Regulation of working hours followed at 25 percent, while 15.5 percent of firms highlighted carbon neutrality and environmental requirements. Asked which regulatory changes they wanted this year, companies called for greater protections for regulators and inspectors in the exercise of their judgment, at 23.8 percent, followed by stricter enforcement of a system to cap regulations at 22.2 per
Korean firms give high marks to deregulation despite safety hurdles
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