gov't institutions-reorganization
43 public institutes to be excluded from finance ministry's surveillance
By Kang Yoon-seung
SEOUL, Jan. 30 (Yonhap) -- South Korea's finance ministry said Monday it plans to remove 43 state-run organizations from its list of surveillance in line with efforts to give them more leeway.
The move came after the government decided to raise the ceiling of the assets to be designated as public corporations or quasi-governmental institutions to 3 billion won (US$2.43 million) from the previous 1 billion won, according to the Ministry of Economy and Finance.
Following the update, the number of such state-run organizations under direct monitoring by the ministry will fall to 87.
The ministry also plans to discuss removing the country's four state-run science research institutes, including the Korea Advanced Institute of Science and Technology (KAIST), from the list of public organizations.
South Korea will also have 200 public organizations adopt a wage system based on roles over seniority by 2027, significantly up from 35 tallied in 2021, the ministry added.
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