Ruling Party Proposes Special Act on Semiconductor 'Finance Support such as Subsidies'

The People's Power Party proposed a special law on semiconductors containing government financial support provisions such as subsidies.

In order to strengthen the competitiveness of the semiconductor industry, the special law allows the state and local governments to quickly create and support industrial infrastructure such as electricity and water and provide financial support such as subsidies.

In addition, semiconductor research and development (R&D) workers can make exceptions so that they are not subject to the 52-hour workweek if there is an agreement between labor and management parties.

In addition, it included the establishment of a "semiconductor industry competitiveness enhancement committee" belonging to the president to deliberate and decide on major government policies related to the semiconductor industry.

Representative Lee Chul-kyu, who proposed the bill as a representative, said he plans to push for the designation of a fast-track bill with the aim of passing the Special Semiconductor Act within the regular session of the National Assembly, which ends on the 9th of next month.