SEOUL: South Korea will implement stricter penalties for industrial accident deaths through fines and business suspensions, according to the employment ministry.
Companies experiencing more than three industrial accident deaths annually will face fines of up to 5% of their operating profit.
Firms with multiple fatalities will see their business suspension periods extended from two to five months.
Construction companies will have their licenses revoked if they face suspension requests after being suspended twice within three years.
Participation in public bidding will be restricted for companies with repeated serious industrial accidents.
Points will be subtracted from these companies during the successful bidder selection process.
These measures aim to reduce industrial accident deaths from 0.39 to 0.29 per 10,000 people by 2030.
This target aligns with the current Organisation for Economic Cooperation and Development average. – Bernama-Xinhua