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Lee Hyo-jin

Korea Times Finance Reporter

Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.

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INTERVIEW Universal basic income unnecessary for Korea in long term: Nobel-winning economist

Abhijit Banerjee, Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology (MIT) / Courtesy of Abhijit BanerjeeGov't needs to strengthen public education system for the underprivilegedBy Lee Hyo-jin The coronavirus pandemic has exacerbated inequality in many countries, and Korea is no exception. Nearly two years into the pandemic, the country is seeing deepening polarization in various areas of society, including education, employment, access to healthcare and housing. The unprecedented health crisis has had an especially hard impact on the vulnerable and poor, pushing them further into poverty, while the share of wealth owned by the rich has soared.As such, addressing the issue of increasing inequality between the haves and have-nots, will most likely become an even more pronounced long-standing trend even after the pandemic ends. This has become an urgent issue of concern for Korea's policymakers. One of the solutions floated by some policymakers and politicians here and abroad is the universal basic income (UBI) plan, under which the govern

Jan 6, 2022By Lee Hyo-jin
[INTERVIEW] Universal basic income unnecessary for Korea in long term: Nobel-winning economist
Society

Visually impaired people struggling with QR code-based vaccine pass apps

People scan QR codes on mobile phones to enter a restaurant in Seoul, Dec. 14. Korea Times photo by Ko Young-kwonBy Lee Hyo-jin Since the implementation of the vaccine pass system in early December, Hyun Dae-ok, a Gyeonggi Province resident in his 60s, has had to ask for help every time he visits a cafe or restaurant.For a blind person like Hyun, scanning a QR (quick response) code on his mobile phone, to provide proof of his COVID-19 vaccination record, is virtually impossible without the help of someone else. “I have to ask a staff member to scan the QR code for me or have another person hold my hands to show me where the check-in scanner is. It is very challenging to do it myself, especially when there are people standing in line behind me,” he told The Korea Times. COOV, the smartphone application for vaccine certification offered by the Korea Disease Control and Prevention Agency (KDCA), is not easy for Hyun to use either. “I've been told to update the app to link my booster shot certificate to the Naver or KakaoTalk apps, but I'm not sure if I'll be able to do

Jan 4, 2022By Lee Hyo-jin
Visually impaired people struggling with QR code-based vaccine pass apps
Society

Over 70% of workers negatively assess gov't youth policies

Jobseekers attend a job fair at KINTEX in Goyang, Gyeonggi Province, Oct. 7. YonhapBy Lee Hyo-jin Youth policies enacted by the Moon Jae-in administration seem to have fallen short of meeting public expectations, according to survey results released Monday. In the survey conducted in December on 1,000 workers aged between 20 and 60 by Gapjil 119, a pro-labor civic group, and the Public Workers Solidarity Foundation, 73.7 percent gave negative assessments about the government's youth policies and its achievements, outnumbering those who gave positive evaluations by three to one.Hopes that youth-related issues would improve under new leadership were also low, as 61 percent replied that they were not positive about youth policies to be introduced by the new government which would be installed in May, regardless of the political inclination of the next administration.When asked about the future prospects of the country's job market for young people, 53.5 percent said the situation would worsen, while 36.7 percent said things are likely to stay the same. Only 9.8 percent said the situatio

Jan 3, 2022By Lee Hyo-jin
Over 70% of workers negatively assess gov't youth policies
Global Community

Korea ups efforts to attract foreign workers

gettyimagesbankBy Lee Hyo-jin The Korean government will step up efforts to attract more skilled foreign nationals this year by improving its visa system for job seekers who have obtained an advanced degree at a university here. The Ministry of Justice recently introduced a set of more open and inclusive immigration policies aimed at increasing the number of foreign workers in order to maintain national growth amid the country's continuous population decline, low birthrate and aging society.According to ministry data, there are over 1.97 million residents of foreign nationality living here as of 2021, accounting for 3.82 percent of the total population. About 170,000 international students are studying at universities across the country, among whom over half are enrolled in courses to study topics other than the Korean language. In the first half of this year, the ministry will launch a so-called “fast-track visa system” for foreign nationals who have earned master's or Ph.D. degrees in science and information technology (IT) here, which would guarantee them legal status

Jan 3, 2022By Lee Hyo-jin
Korea ups efforts to attract foreign workers
Health

Debate escalates over expanding vaccine pass system

A person scans the QR code of a vaccine pass app on a mobile phone to enter a large retail store in Seoul, Dec. 31, 2021. YonhapOmicron variant infections surpass 1,000 in just one monthBy Lee Hyo-jin Debate is heating up over the government's planned expansion of the coronavirus vaccine pass system to department stores and large retailers, which has prompted a strong backlash from unvaccinated individuals, who argue that their freedoms will be excessively limited if the system is implemented there.According to the Ministry of Health and Welfare, beginning Jan. 10, people entering department stores, large retail and discount stores measuring 3,000 square meters or more must show either a vaccination record or a negative PCR test result.A one-week grace period will be applied until Jan. 16, after which violators will be fined.Unlike cafes and eateries where unvaccinated people are allowed to sit if they are alone, an unvaccinated individual will not be able to enter department stores or large retail stores, even if he or she goes alone. The expansion of the vaccine pass, which is curr

Jan 2, 2022By Lee Hyo-jin
Debate escalates over expanding vaccine pass system
  • New virus cases dip below 4,000, fast spread of Omicron variant in focus
  • Over 1,000 file suit against gov't over vaccine pass
Health

Gov't to extend virus curbs amid Omicron surge

Medical staff work at an intensive care unit for COVID-19 patients at Hyemin Hospital in Seoul, Wednesday. Yonhap By Lee Hyo-jin Korea is likely to extend current social distancing measures for another two weeks amid a surge in Omicron variant cases, which is expected to become the dominant strain in the coming weeks.The Central Disaster and Safety Countermeasures Headquarters will announce today whether to extend the current measures which are set to expire on Jan. 2.On Tuesday, the country saw its biggest uptick in the number of Omicron infections. The Korea Disease Control and Prevention Agency (KDCA) reported 109 new infections, the first triple-digit daily caseload since Korea identified its first cases of the variant on Dec. 1.Another 67 new cases were added on Wednesday, raising the aggregated total to 625.The military has reported its first cases of the variant among an officer at a unit in Seongnam, along with two conscripts at Osan Air Base in Pyeongtaek,

Dec 30, 2021By Lee Hyo-jin
Gov't to extend virus curbs amid Omicron surge
  • Vaccine pass for children likely to be delayed
Law & Crime

Employer investigated over spycam in factory shower room

By Lee Hyo-jin Police are investigating the owner of a factory in Pocheon, Gyeonggi Province, for allegedly illegally filming a female worker of foreign nationality there, but a suspicious fire in the facility has destroyed much of the evidence.The man, whose identity was withheld, has been accused of filming the victim when she was taking a shower, through a two-way mirror he had installed earlier in the women's shower room at the worksite, according to Pocheon Police, Wednesday. A factory owner in Pocheon, Gyeonggi Province, is under investigation for allegedly illegally filming a female employee of foreign nationality, according to the police, Wednesday. Korea Times fileThe female worker from the Philippines filed a police report, Monday, after she noticed a suspicious flash in the mirror. Through an initial investigation, the police found the mirror to be two-way, appearing reflective on one side and transparent on the other, allowing a person from one side to see the other but not vice-versa. The police suspect that the factory owner filmed the victim with his phone while she wa

Dec 29, 2021By Lee Hyo-jin
Employer investigated over spycam in factory shower room
Health

Will COVID-19 pills help relieve current wave of infections?

Medical staff wearing protective gear work in an intensive care unit for COVID-19 patients at Hyemin Hospital in Seoul, Monday. Joint Press CorpsKorea to introduce Pfizer's oral treatments from JanuaryBy Lee Hyo-jin Medical experts showed mixed reactions to whether the introduction of oral COVID-19 treatment pills, scheduled for mid-January, will be a “game changer” in the country's battle against the coronavirus.The experts were also divided on whether enough doses for 604,000 people, which the government has secured so far, will be sufficient to curb the current wave of infections.The Korea Disease Control and Prevention Agency (KDCA) announced Monday that it has secured enough antiviral drugs for 604,000 people, including doses for 362,000 people of Paxlovid developed by Pfizer and doses for 242,000 people of Molnupiravir from Merck.The pills will be gradually introduced from mid-January beginning with initial supplies of Paxlovid to be used to treat patients who are at high risk of developing severe COVID-19 symptoms.The announcement came shortly after the country's d

Dec 27, 2021By Lee Hyo-jin
Will COVID-19 pills help relieve current wave of infections?
  • New COVID-19 cases drop below 4,000 for 1st time in nearly a month
Health

INTERVIEW Vaccine expert warns against premature optimism over Omicron

Jerome Kim, the director general of the International Vaccine Institute / Courtesy of International Vaccine InstituteIVI director general urges Korea to develop strategy for possible Omicron-led waveBy Lee Hyo-jin It may be too early to take an optimistic approach to the Omicron variant of the coronavirus, says Jerome Kim, the director general of the International Vaccine Institute, calling on the Korean government to take preemptive action and come up with an in-depth strategy for a possible wave of the fast-spreading variant.“While the coronavirus may eventually mutate toward a more rapidly spreading but truly 'flu-like' illness, Omicron is not the variant you are hoping for,” Kim said in a recent e-mail interview with The Korea Times. Citing a lack of data, he stressed that the world should be vigilant against any blind optimism surrounding the Omicron variant.“We don't have enough data to reasonably make a proposition like that,” he said. “It is true that a significant amount of tracking and sequencing information suggests that Omicron is more infect

Dec 26, 2021By Lee Hyo-jin
[INTERVIEW] Vaccine expert warns against premature optimism over Omicron
  • New infections below 6,000 for 2nd day; critical cases at 1,081
Health

Gov't to decide whether to extend social distancing measures next week

A street in Myeong-dong in central Seoul is crowded with people, Dec. 19. YonhapBy Lee Hyo-jinThe government will decide whether to extend the current social distancing measures depending on the COVID-19 situation next week, as the country continues to see record-breaking numbers of critically ill patients. Although the daily infection caseload has been declining under the toughened distancing restrictions which will remain in place through Jan. 2, authorities said Friday that further extension or relaxation of the distancing measures have yet to be discussed. “The upsurge in new infections has slowed down,” Lee Ki-il, a senior health official, said during a COVID-19 response briefing. “But we should watch the situation next week before making further decisions on the social distancing measures.”He added that the recent decrease in new infections is attributable to the toughened quarantine measures and the swift rollout of booster shots.But he expressed concerns about the unrelenting number of critical cases. According to the Korea Disease Control and Preventi

Dec 24, 2021By Lee Hyo-jin
Gov't to decide whether to extend social distancing measures next week
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.