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 👀 Today’s Email about:

• European companies have raised concerns about the impact of Korea's workplace safety law on foreign investments.

• One in three elderly Koreans living alone have no one to talk to.

• Beyond the success of 'Squid Game,' K-dramas should refocus their efforts on the Asian market.

NEWS 📰

European companies have raised concerns about the impact of Korea's workplace safety law on foreign investments.

European companies doing business in Korea have expressed concerns over the Serious Accidents Punishment Act (SAPA), highlighting its potential to deter foreign direct investment (FDI). The European Chamber of Commerce in Korea (ECCK), during the release of its 2024 white paper, called for reforms to SAPA, which holds CEOs criminally liable for workplace accidents resulting in severe injuries or deaths.

ECCK President Stefan Ernst stressed the importance of a "more practical approach" to SAPA, arguing that the law could have far-reaching impacts across industries. Under SAPA, which took effect in 2022, CEOs can face prison sentences or fines for major workplace accidents, raising concerns among Korean and foreign businesses.

The ECCK noted that SAPA is harsher than similar laws, such as the U.K.'s Corporate Manslaughter Act. The chamber emphasized that the law's enforcement lacks clarity, which could lead to arbitrary punishments by investigative agencies. To maintain Korea's FDI competitiveness, the ECCK recommended revising SAPA to align it with international safety standards and ensure proportional punishments.

The European Union Ambassador to Korea, Maria Castillo Fernandez, echoed these concerns, calling for progress in sectors like renewable energy, financial services, and healthcare. ECCK Chairperson Philippe Van Hoof also underscored that adopting international standards would enhance Korea’s regulatory efficiency and global competitiveness.

One in three elderly Koreans living alone have no one to talk to.

Nearly one in three elderly Koreans living alone report having no one to talk to, reflecting a growing issue of social isolation among the aging population, according to new data from Statistics Korea. This trend comes as Korea rapidly ages, with senior citizens now comprising 19.2 percent of the population and expected to make up 20 percent by 2025, classifying the country as a super-aged society. By 2072, nearly half (47.7 percent) of the population is projected to be 65 or older.

As life expectancy continues to rise—averaging 20.7 more years for those aged 65—many seniors find themselves increasingly isolated after losing spouses and family members. Data revealed that 37.8 percent of the 5.65 million households headed by seniors in Korea are one-person households. Among these, 32.6 percent report having no one to talk to, while 34.8 percent struggle with a lack of support when sick or unable to manage household chores.

Financial insecurity also plagues many elderly Koreans living alone. About 55.8 percent are unprepared financially for their later years, and half of them rely solely on state pensions for survival. Furthermore, 71 percent of elderly individuals in single-person households report having no one to turn to for financial help in times of need.

The data also highlighted gender disparities, with women making up 69 percent of elderly people living alone. Most elderly individuals in single-person households are in their 70s (40.3 percent), followed by those aged 65 to 69 (30.1 percent), and those in their 80s (29.6 percent). Many elderly individuals living alone expressed dissatisfaction with their income, with 47.8 percent stating they were "unsatisfied," compared to 20.7 percent who were content.

ENTERTAINMENT 🌄

Beyond the success of 'Squid Game,' K-dramas should refocus their efforts on the Asian market.

Gigi, 31, a U.S. K-drama fan, credits her 10-year love for Korean dramas to their rich character development and engaging plots. Starting with "Boys Over Flowers" (2009), her taste shifted from fairytale-like stories to more complex narratives, like in tvN’s "Queen of Tears." Gigi praises the show's emotional depth, which she feels distinguishes K-dramas from Western shows.

"Queen of Tears," along with "Parasite: The Grey" and "My Demon," ranked in Netflix’s top 10 non-English content. Culture critics attribute their success to top creators like Park Ji-eun and Yeon Sang-ho, noting a return to romantic comedies over darker genres like "Squid Game."

Critics also suggest the Korean industry focuses more on its Asian strengths, where nuanced storytelling resonates. While some fear the industry has peaked, mid-size hits like "Lovely Runner" continue to thrive in non-English markets, showcasing Korea’s storytelling potential.

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