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Park Han-sol

Korea Times Finance Reporter

Park Han-sol reports on Korea's financial regulators, along with fintech and insurance. She previously wrote about the art world, from biennales and exhibitions to fairs and auctions, with a focus on Seoul and the figures shaping the scene. Before joining The Korea Times, she spent a year at ABC News' Seoul bureau, contributing to coverage of major Asia-Pacific events.

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Economy

Young workers hit hardest as AI automation slashes jobs in Korea

More than half of the jobs lost by young Koreans in July were concentrated in industries heavily exposed to artificial intelligence (AI). This marks a dramatic departure from previous years, when youth employment dips were primarily driven by slowdowns in traditional manufacturing and in-person services. The latest figures from the Ministry of Data and Statistics reveal that the number of employed individuals aged 15 to 29 fell by more than 191,000 compared to the same period last year. Notably, the information and communications sector, which encompasses computer programming, telecommunications and digital media publishing, bore the brunt of this decline, shedding 74,517 positions. This represents the sector's steepest single-month drop since comparable tracking began in 2014. Simultaneously, employment in professional, scientific and technical services — covering fields such as legal advice, accounting, corporate consulting, and taxation — contracted by another 23,640 jobs. Together, these two knowledge-intensive sectors accounted for 51.3 percent of the total youth employment lo

Aug 16, 2026By Park Han-sol
Young workers hit hardest as AI automation slashes jobs in Korea
Companies

Samsung, SK hynix could deliver record $212 bil. in shareholder returns: reports

With Samsung Electronics and SK hynix expected to unveil new shareholder return plans as early as this month, analysts estimate that the two chipmakers could together return as much as 300 trillion won ($212 billion) to investors. Record second-quarter earnings — 89.5 trillion won in operating profit at Samsung and 60.5 trillion won at SK hynix — have strengthened their ability to reward shareholders. The prospect of outsized payouts is also raising hopes that the two stocks, which together account for more than half of the benchmark KOSPI’s total market capitalization, could help rekindle the broader Korean market rally. Samsung has pledged to return half of its free cash flow under its 2024-26 shareholder return policy, while SK hynix similarly plans to allocate 50 percent of its free cash flow generated from 2025 through 2027 to shareholders. That could leave Samsung with as much as 200 trillion won and SK hynix with up to 100 trillion won to distribute, according to market estimates. Kim Dong-won, head of research at KB Securities, expects Samsung’s new program to be large eno

Aug 16, 2026By Park Han-sol
Samsung, SK hynix could deliver record $212 bil. in shareholder returns: reports
Banking & Finance

SC Bank Korea launches country's 1st deposit offering interest in airline miles

Standard Chartered (SC) Bank Korea has rolled out a deposit product that lets customers receive their after-tax interest in Korean Air miles, becoming the first commercial bank in Korea to offer such a product, the lender said Friday. The account is available for six or 12 months, with annual interest rates of 3.15 percent and 3.55 percent, respectively. An additional 0.1 percentage point is available to those who deposit at least 100 million won ($70,600) or hold the bank’s private banking customer status or higher. As part of a launch promotion, anyone who opens the account by Oct. 31 will receive up to 5,000 bonus miles, depending on the amount deposited. Ten first-time customers who also sign up for the bank’s investment product will be chosen to receive an additional 10,000 miles each. Three customers who deposit at least 100 million won will also be selected to receive round-trip Korean Air tickets, either Prestige class to Phuket or Economy class to Guam. The offering is part of a strategic partnership between SC Bank Korea and Korean Air to link financial services with travel

Aug 14, 2026By Park Han-sol
SC Bank Korea launches country's 1st deposit offering interest in airline miles
Banking & Finance

KB Financial Group faces new uncertainty over leadership succession after tax probe into banking unit

Just as KB Financial Group’s race to choose its next chairman enters a decisive stage, tax authorities have launched a unscheduled investigation into its flagship unit, KB Kookmin Bank — a move that could add an unexpected complication to the succession process, according to industry experts, Friday. The National Tax Service (NTS) dispatched around 30 officials from its high-profile investigation bureau 4 to the bank’s Seoul headquarters, Thursday, to secure accounting records after reportedly detecting possible signs of tax evasion. The investigation is expected to run through the end of the year. Known in corporate circles as the NTS’ “grim reaper,” bureau 4 is an elite unit that handles major investigations into large companies and high-income individuals suspected of serious tax offenses. Its probes are relatively rare and can result in hefty tax bills, penalties or criminal charges. The bank said it had “no comment” on the investigation, while the NTS reiterated that it does not comment on individual taxpayers or ongoing audits. The inquiry is the latest in a string

Aug 14, 2026By Park Han-sol
KB Financial Group faces new uncertainty over leadership succession after tax probe into banking unit
Policy

Gov't to expand housing finance support for young, 1st-time buyers while keeping debt curbs

The Financial Services Commission (FSC) will expand housing finance support for young people, newlyweds and first-time homebuyers while maintaining its overall household-debt controls, as part of the government's efforts to stabilize the housing market, the regulator said Thursday. FSC Chairman Lee Eog-weon announced a package of measures aimed at ensuring tighter lending rules do not unnecessarily restrict financing for genuine homebuyers or new housing construction. The commission will maintain existing loan-to-value and debt-service ratio rules, while allowing banks to continue providing loans linked to new housing supply and home purchases by young and first-time buyers without being excessively constrained by household lending quotas. A key part of the package is a three-pronged housing finance program for younger borrowers. The FSC plans to introduce a mortgage loan providing longer-term financing for young people preparing to purchase homes, alongside a new guarantee product for "jeonse" deposit refunds. The regulator will also expand the use of borrowers' expected future income w

Aug 13, 2026By Park Han-sol
Gov't to expand housing finance support for young, 1st-time buyers while keeping debt curbs
Economy

Curbs on loans drive borrowers to higher-cost savings banks

Tighter lending restrictions at commercial banks are pushing more borrowers toward savings banks where interest rates are significantly higher, as the government continues its drive to rein in household debt, according to industry officials Wednesday. Annual interest rates on mid-interest loans for borrowers with low to medium credit scores range from 9.7 percent to 16.2 percent, roughly two to three times the average for comparable commercial bank loans. In the first half of this year, savings banks issued over 491,000 such loans, up 14 percent from the second half of last year and the highest level on record, according to the Korea Federation of Savings Banks. At the current pace, the annual tally could reach 1 million for the first time. The shift comes as banks tighten access to household credit, traditionally the main source of financing for consumers. In July, KB Kookmin Bank halved the maximum mortgage available to individual borrowers nationwide to 300 million won ($212,000) from 600 million won. Other major lenders like Hana Bank have also restricted online lending channels for

Aug 12, 2026By Park Han-sol
Curbs on loans drive borrowers to higher-cost savings banks
Business

Korea Insurance Institute's AI joint venture draws industry scrutiny

An artificial intelligence (AI) joint venture pushed by the Korea Insurance Institute has drawn criticism from insurance industry officials, with questions raised over its legality and business rationale, according to officials, Wednesday. Since Ha Tae-keung, the former lawmaker, took over as president in 2024, the institute has developed three AI-based education tools: a sales coach for training insurance agents, a system that generates questions for insurance qualification exams and an AI-powered learning experience platform. The institute said that all questions on an insurance qualification exam held on Wednesday were generated by the AI system it developed. It initially sought to establish a subsidiary to commercialize the technology, but the Financial Services Commission (FSC) did not approve amendments to its articles of association that would have provided a legal basis for the new entity and its investment. Ha subsequently shifted to a joint venture model. The proposed venture would have 2.5 billion won ($1.77 million) in capital, with the institute and Taiwan-based WisdomGarden

Aug 12, 2026By Park Han-sol
Korea Insurance Institute's AI joint venture draws industry scrutiny
Economy

Property tax overhaul sparks fears of fewer rentals, higher rents

“If my property tax bill amounts to 50 million won ($35,300) a year, how much rent should I be charging?” That was the question posed by a homeowner in Korea on a real estate forum following the government’s latest tax overhaul proposal unveiled on Aug. 3. The writer said he owns a single apartment in Seoul’s affluent Seocho District worth around 5 billion won. Under the proposed changes, he estimated that he would have to pay up to 50 million won a year in property holding taxes if he rented it out. “This means 4 million won a month goes straight to the government, and anything above that is what I’d get to keep. Is it really possible for the landlord to shoulder the entire burden of this tax without passing it on to the tenant?” The post captures a growing concern since the Aug. 3 announcement: higher taxes on owners of multiple homes and proprietors of non-owner-occupied properties could ultimately be deflected to tenants as landlords seek to recoup some of the additional cost. There are already signs of such a shift in parts of southern Seoul. At Acro River Park in Seoch

Aug 12, 2026By Park Han-sol
Property tax overhaul sparks fears of fewer rentals, higher rents
Companies

Deloitte Consulting Korea names new CEO

Deloitte Consulting Korea has appointed Lee Seok-jang, who currently heads its marketing division, as its new CEO, the company said Monday. Lee spent nearly three decades at Hyundai Motor after joining the carmaker in 1988, including as an executive in its planning and coordination division. He later led the strategic planning team at Hyundai Engineering & Construction and served as CEO of Hyundai Engineering & Steel Industries. He holds degrees from Yonsei University and Ohio University’s College of Business. Since joining Deloitte Consulting Korea in 2021, Lee has advised clients in the automotive sector and emerging fields including hydrogen energy and aerospace. Deloitte Korea CEO Kil Ki-wan said Lee’s background in corporate management, strategy and operations would enable him draw on his practical experience as well as advances in artificial intelligence (AI). “As AI fundamentally reshapes industries and corporate management, what clients need is not AI technology itself, but the ability to apply it in ways that address real industry needs and deliver measurable results,” K

Aug 10, 2026By Park Han-sol
Deloitte Consulting Korea names new CEO
Economy

Gyeonggi Province calls for 'jeonse' fraud aid to cover foreign victims

As a wave of scams exploiting Korea’s unique “jeonse” rental system has left tens of thousands of tenants at risk, Gyeonggi Provincial Government is urging the central government to extend state assistance to foreign residents who are living in Korea legally, according to officials Monday. Under the jeonse system, tenants pay a large lump-sum deposit to their landlord instead of monthly rent. For decades, it was a relatively low-risk way to secure a home, while giving landlords access to a large pool of capital. But as the housing market became more volatile, it emerged as a major source of risk. When landlords fail to return deposits, whether due to fraud or sharp decline in property values, tenants can be left with losses running into hundreds of millions of won. As of July 31, the Ministry of Land, Infrastructure and Transport had officially recognized 40,278 people as victims under the Special Act on Support for Jeonse Fraud Victims and Housing Stability. Foreign nationals accounted for 544 cases, or 1.4 percent of the total. The special act does not bar foreign residents from

Aug 10, 2026By Park Han-sol
Gyeonggi Province calls for 'jeonse' fraud aid to cover foreign victims
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