P&G Korea Extends 8 Weeks of Paid Leave to Employees' Live-In Partners

* Editor's note: AI PRISM (Personalized Report & Insight Summarizing Media) is an artificial intelligence-based personalized news recommendation and summary service developed with support from the Korea Press Foundation. It selects and delivers six news items tailored to each reader type.

1. Eight Weeks of Paid Leave for Cohabiting Partners: P&G Korea Erases the Boundaries of "Family"

Key summary: P&G Korea has run its "Share the Care" program since 2021, providing 104 days of maternity leave to employees who give birth, with the company covering the gap between government subsidies and ordinary wages during the statutory period. Eight weeks of paid leave is granted not only to biological fathers but also to partners including adoptive fathers and cohabiting partners, and family event allowances are paid on the same terms once a partner is registered, regardless of marital status. Employees returning from parental leave are supported in moving to the role they want without career disadvantage, and alongside flexible work arrangements such as telecommuting and core-hours scheduling, the company offers five days of paid flexible leave and five days of paid sick leave separate from annual leave. Analysts say benefit designs that go beyond the legal concept of family are emerging as a key criterion in choosing an employer from the job-search stage.

2. Corporations Hold 80% of Bank Deposits; Shorter Maturities Push Loan Rates Higher

Key summary: Time deposit balances at the five largest banks surged by about 70 trillion won this year to top 1,006 trillion won as of the 28th, with corporate funds accounting for roughly 80% of the total in a structure that is becoming entrenched. Woori Bank's corporate deposit rate jumped 1.12 percentage points this year to 4.09%, while five-year financial bond yields exceeded 4.6%, adding to upward pressure on lending rates. As deposit maturities shorten, a structure has formed in which funding and lending rates rise in successive steps, and some in the financial industry forecast that the upper end of mortgage rates could exceed 8% within the year. Based on household loan balances of 1,022 trillion won, every 0.1 percentage point increase in rates adds about 1.0229 trillion won in annual interest costs.

3. Second National Participation Growth Fund Targeting 600 Billion Won Sells More Than a Third on Day One

Key summary: The second National Participation Growth Fund absorbed 214 billion won on its first day of sales, or 35.7% of its 600 billion won target, with subscriptions available at 10 commercial banks and 14 securities firms through Oct. 15. The closed-end product with a five-year maturity invests in advanced strategic industry companies and offers an income deduction of up to 40% of the invested amount and separate taxation of 9.9% on dividend income for up to five years. During the first five business days, 50% of total sales, or 300 billion won, is allocated on a priority basis to low- and middle-income households, and the online retail tranches at Mirae Asset Securities and Korea Investment & Securities sold out in one minute and seven minutes, respectively. Analysts say the first fund's return of less than 1% is leading second-round investors to be more cautious.

4. AI Handles 8 Million Inquiries a Year: LG Uplus Builds a Call Center Without Waiting

Key summary: LG Uplus has begun building an "AI native contact center" aimed at zero customer waiting time by 2030, setting a target of growing AICC business revenue by more than 50% annually on average. After applying AI call bots, chatbots and consultant advisers at 17 customer centers nationwide, connection waiting time fell about 90% to five seconds this year from 47 seconds two years ago, and consultation times were cut by 16%. About 8 million inquiries a year are handled by AI, while South Korea's AICC market is forecast to grow to about $350 million by 2030. Observers say the rapid reshaping of call center operations by AI makes a shift in related job roles unavoidable.

5. Hana and Kookmin Bank Call Centers Reach "Voluntary Agreement" Between Prime and Subcontractors: First Case Since the Yellow Envelope Law

Key summary: Hana Bank, Kookmin Bank and the call center union at their subcontractors produced the first case of specifying collective bargaining agenda items through voluntary negotiations between prime and subcontractors since the revised Trade Union Act, known as the Yellow Envelope Law, took effect. The two sides agreed to form a cooperation council from next month involving the prime contractor, subcontractors and the union to discuss items such as protection for workers in emotionally demanding roles. The union had applied to the National Labor Relations Commission for mediation on the 9th of this month but withdrew the application on the same day as the voluntary agreement. Analysts say the approach of subcontracted workers bargaining directly with prime contractors could spread across industries.

6. Is the "All-Out Offense" Working? Seoul Building Permits Jump More Than Sevenfold

Key summary: Housing construction permits in Seoul totaled 11,306 units in August, up 604.4% from 1,605 units a year earlier, and permits for apartments alone surged 938.1% to 10,537 units from 1,015 units a year earlier. Cumulative permits in Seoul from January to August reached 39,940 units, exceeding 106% of the long-term average of 38,000 units, and if the current pace holds, the annual total is expected to surpass the long-term average of 63,000 units. The Ministry of Land, Infrastructure and Transport said policy effects including eased construction regulations and financial and tax support have shown up in improved permit and groundbreaking volumes, which are leading indicators of supply, and projected that completions would also exceed the long-term average from 2028 if construction proceeds without disruption. Some view the simultaneous recovery in permit and groundbreaking indicators as a signal of a turn in the medium- to long-term housing market.