Korea’s Meal Expense Limit for Public Officials Raised to KRW 50,000 and Holiday Gift Limit Doubles for the Chuseok Holidays under Improper Solicitation and Graft Act of Korea

The Anti-Corruption and Civil Rights Commission of Korea (“ACRC”) recently raised the meal expense limit for public officials from KRW 30,000 to KRW 50,000. The new limit shall come into effect on August 27, 2024. The limits for agricultural, livestock, and fisheries products of KRW 150,000 are unchanged for non-Chuseok (Korean Thanksgiving Holiday) holiday periods, but increase to KRW 300,000 for the Chuseok holiday.

We advise all to review and update employment rules and other company policy documents, if necessary. Additionally, we advise most companies to do a yearly compliance audit. Korean law and best practices change regularly, and a compliance audit should flag these issues.

Korea’s Improper Solicitation and Graft Act

Korea’s Improper Solicitation and Graft Act (“Kim Young-ran Law)

The Kim Young-ran Law was promulgated in 2016 in response to the perception that companies doing business with the Korean government (the law also applies to journalists and educators) influenced government officials through gifts to these government officials.

For an article on Korea’s Improper Solicitation and Graft Act from 2016, when the law was promulgated, please see: Korea’s Improper Solicitation and Graft Act: Kim Young-ran Act. For an article on a constitutional challenge filed to the Korean Constitutional Court, please see: Scope of Application of Korea’s Graft Act.

by Sean Hayes

Sean Hayes is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty. He assists clients with their contentious, non-contentious, and business development needs, and is regularly quoted by leading media sources on Asia’s legal and business issues. Sean is rated a Top 100 attorney, and his firm was rated a top dispute resolution law firm in Korea.   

If you would like a consultation with Sean Hayes from IPG Legal, please schedule a call at: Schedule a Call with Attorney Sean Hayes.