On April 30, 2008, at the 2nd Conference of the Special Presidential Committee for National Competitiveness under the supervision of new president LEE, Myung-Bak (whose administration was inaugurated last February), the Korean National Competitive Council made resolutions to substantially open the door to globally talented people.

Article 93 of the Labor Standards Act of Korea (“LSA”) requires an employer with at least 10 employees to prepare and maintain rules of employment, and as the rules of employment intend to uniformly regulate rules of employment as to all employees, the rules of employment become part of the employment relationship between the employer and the employees.

With the advent of the new Lee, Myung Bak administration in Korea last February 2008, one of the key regulatory structure changes taken place relate to the financial authority structure in Korea.

[Source: Joongang Daily]

Arbitration is defined as a process in which private disputes are resolved swiftly and privately through arbitrator(s) to whom the parties agree to refer their disputes avoiding rather prolonged court procedures.