South Korea looking into bonuses at insurers, card firms – Yonhap

SEOUL, Feb 17 (Reuters) – South Korea’s monetary regulator is wanting into bonus schemes at main insurance coverage and bank card firms as the federal government requires corporations with sturdy income to assist poor folks, Yonhap information company reported on Friday.

The transfer extends a marketing campaign of President Yoon Suk-yeol that beforehand focused banks and telecoms service suppliers. Yoon requested firms in these two sectors this week to share extra of their income with individuals who wanted assist.

Media had reported that such firms had paid beneficiant early-retirement packages to long-serving staff.

Yonhap cited sources on the Monetary Supervisory Service as saying the authorities had been making an attempt to verify whether or not profit-sharing bonus funds within the banking and telecoms sectors had been extreme as compared with their income.

Yoon’s authorities, in workplace for lower than a yr, additionally needs banks and telecom firms to share income with susceptible folks by decreasing debt-service prices or cell phone service charges.

Reporting by Choonsik Yoo; Enhancing by Bradley Perrett

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