NEWS BRIEF

[Anchor Lead]

In a social media post Tuesday, Finance Minister Hong Nam-ki said the mere one percent contraction in growth last year is a testament to the resilience of the South Korean economy. He added the top ten major economies are expected to have recorded negative growth of 3 to 10 percent. The finance chief also assessed the government faithfully carried out its fiscal role during the COVID-19 crisis, and mentioned 4 supplementary budgets drawn up in a single year, which was a first in 59 years.
The Transport Ministry says a punitive compensation system will take effect on February 5 that obligates automakers to pay five times the damage incurred by a car accident if they had concealed any vehicle defects. Carmakers must also pay fines amounting to 3% of its sales volume if they delay recalls or hide, brush down or lie about automotive defects. If fires or casualties repeatedly occur involving a same car model, forced restrictions on that vehicle's operation are possible dependent on government inspection results.
The Education Ministry said the Cabinet has approved a revised enforcement ordinance to the School Meals Act. Under the revision, all national and public kindergartens and private preschools with over 100 students are included in the provision of school meals and thereby subject to hygiene and quality control standards. The change will mandate kindergartens to employ at least one nutrition instructor. For smaller preschools with fewer than 200 students, one such expert is necessary for every two schools.