South Korea Government Policy Update — 2026-04-23

Key Policy and Legislative Changes

🏘️ Ministry of the Interior and Safety — Social Solidarity Economy Innovation Model

Department: Ministry of the Interior and Safety Policy: Social Solidarity Economy Innovation Model Key Summary: In a policy briefing on April 22, the Ministry introduced the "Social Solidarity Economy Innovation Model," which aims to turn "waste into assets and empty houses into village hotels." The core idea is to transform abandoned properties and waste materials in local areas into community assets.

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sisunnews.co.kr

sisunnews.co.kr

🌾 Government & Ruling Party — Supplementary Legislation for Nonghyup Chairman Direct Election

Departments: Government, National Assembly (Ruling Party) Policy: Supplementary Legislation for Nonghyup Chairman Direct Election Key Summary: Facing intense backlash over the direct election of the Nonghyup Chairman by cooperative members, the government and the National Assembly have begun working on "supplementary measures." However, there are rising concerns that these measures might weaken the original intent of the reforms.

🏛️ National Assembly — 7th Plenary Session of the 434th Extraordinary Session

Department: National Assembly Policy: 7th Plenary Session of the 434th Extraordinary Session Key Summary: The 7th plenary session of the 434th extraordinary session of the National Assembly is scheduled for Thursday, April 23, at 2:00 PM to deliberate on key agenda items.

👤 Personnel Appointments — Office for Government Policy Coordination & Office of the Prime Minister

Departments: Office for Government Policy Coordination, Office of the Prime Minister Policy: High-ranking personnel appointments Key Summary: On April 22, 2026, personnel appointments for the Office for Government Policy Coordination and the Office of the Prime Minister were officially reported via Yonhap News.

Regulatory Improvements and Administrative Changes

📋 Ministry of Economy and Finance — Regulatory Innovation for Strategic Advanced Industries

Details: The Ministry is pushing to "review regulations on strategic advanced industries, regulations by company size, and support systems for SMEs" to build an ecosystem where businesses can actively invest and grow. Target: Advanced strategic industry firms, SMEs

📊 Sovereign Wealth Fund Bill Expected in First Half

Details: According to a report by SBS Biz, the outline for a sovereign wealth fund bill is expected to emerge during the first half of the year. Target: Financial and asset management sectors

🏠 Comprehensive Real Estate Tax Reform — Consideration of Exemption for Single-Home Owners

Details: Discussions are ongoing regarding the 2026 Comprehensive Real Estate Tax reform, with the potential abolition of the tax for single-home owners becoming a key point of contention. The government is reviewing changes to official land price standards and the resulting tax burden. Target: Single-home owners

Policy Impact and Upcoming Schedule

• The Social Solidarity Economy Innovation Model is expected to revitalize the local economy and strengthen the social economy ecosystem by converting abandoned homes and waste into communal assets like village hotels. Detailed administrative guidelines will be released gradually.

• Discussions on supplementary legislation for the Nonghyup Chairman direct election are underway, and the final details will likely depend on the schedule for the National Assembly's plenary session. Given the concerns about reform backtracking, public debate is expected to continue.

• The outline for the Sovereign Wealth Fund bill is expected to be unveiled in the first half of 2026, followed by the National Assembly's review process.

• The 7th plenary session of the 434th extraordinary session is scheduled for April 23 (Thu) at 2:00 PM, and the future of related policies and bills will be determined based on the deliberation results.