Revision to the Saemaul Geumgo Act promulgated...Reducing the authority of the central president

The amendment to the management innovation of Saemaul Geumgo, which suffered an unprecedented crisis due to the massive withdrawal crisis in 2023, will be promulgated at the Cabinet meeting tomorrow (7th).

The amendment to the Saemaul Geumgo Act limits the role of the chairman of the Central Council to external activities and the chairman of the board of directors, and changes it to a single four-year term without a second term.

In addition, the current full-time directors, executive directors, and leaders, were given the right to represent their duties, personnel, and budget to strengthen management transparency and establish a professional management representation system.

The Minister of Public Administration and Security has allowed the Minister of Public Administration and Security to order appropriate measures for insolvent coffers, and penalties are stipulated for failure to implement them so that measures such as consolidation of insolvent coffers can be effectively taken.

Treasury redemption reserves, which have been pointed out for lower central bank deposits compared to other mutual financial sectors, rose from 50% to 80%.