Regulations on Foreigners’ Economic Activities to Be Eased
The South Korean government announced on Dec. 28 that it would reduce regulations related to foreigners’ economic activity participation, with the aging of the population accelerating.
According to the government, South Korea’s total fertility rate is continuing to fall and estimated to reach 0.7 in 2024. Its population was approximately 51.84 million in 2020 and has decreased since then. The population is estimated to decrease 27 percent to 37.66 million from 2020 to 2070.
The government is planning to deal with this change in structure by increasing economically active population and taking anti-low birth rate measures. For example, it is going to make it easier for foreigners to work in South Korea by facilitating entry, stay, naturalization, etc. Those with the E-9 visa for non-professional employment are expected to be allowed to change their status without departure or reentry by minimum required stay adjustment from five to four years.
Statistics Korea announced on Dec. 28 that South Korea’s population decreased by 95,879 from January to October this year. With the number of deaths continuing to exceed the number of births, the population decreased for 36 months in a row.