Improving Quality of Life

[Anchor Lead]

The government has proposed some specific measures to raise quality of life for workers here, including reduced weekly work hours and expanding holidays. Home property taxes will also see reforms with a focus on housing stability.

[Pkg]

This large supermarket chain is open til midnight. But from January first, it will close an hour earlier at 11 pm. This is because shorter work hours of 35 hours per week will be introduced for the employees. Employees' New Year plans have also been adjusted accordingly.

[Soundbite] Lee Jae-yeol(Employee at Retailer) : "I'm thinking of working out at an exercise facility within the company and also look into learning English at an institute."

The government will actively support these reductions in work hours. State support will complement the decreased wages for workers due to shorter work hours as well as the companies' increased cost for hiring new employees. Holidays will also increase. So-called alternative holidays currently apply only to Lunar New Year, Chuseok and Children's Day. This will change and apply to more holidays. Workers will also be encouraged to utilize long-term leave through a new system that allows saving up their annual vacation to use all at once. The government will also reform tax rules to achieve fair taxation and more stability in housing. For one, real estate property taxes will be overhauled. The government said it will lay out concrete measures by next summer aimed at reining in speculative forces including multiple homeownership.

[Soundbite] Lee Chan-woo(Assistant Minister of Strategy & Finance) : "Property tax reform will be reflected during next year's review on tax policy direction, and detailed measures will be issued."

The government also decided to tax gains earned from transactions of virtual currencies which have been in an overheated frenzy in recent days.