Seoul: The ruling People Power Party (PPP) announced plans to propose a semiconductor bill aimed at providing incentives to chipmakers from the investment stage. The party intends to officially unveil the proposal on Monday, with the goal of achieving a bipartisan agreement by November 28 and passing the bill, according to Rep. Kim Sang-hoon, chair of the party’s policy committee.

According to Yonhap News Agency, the core of the bill is to offer incentives to companies as soon as their investments are confirmed. Kim stated that giving subsidies upfront at the investment decision stage would serve as a strong incentive for companies, similar to practices in the United States. The bill aims to establish a legal basis for comparable support in Korea.

Additionally, the bill will propose measures to enhance labor flexibility, particularly concerning the current 52-hour workweek at large companies. Kim mentioned that if labor and management agree, provisions for exemptions from the 52-hour workweek will be includ
ed. This move addresses feedback from high-tech companies that the law requires greater flexibility to support better research and development.

PPP officials have expressed their intention to accelerate legislation processes to better support Korean companies, especially considering the increased volatility in global trade following the U.S. presidential election.