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Mandatory financial firms\' contributions to inclusive finance agency extended to 2036 after subcommittee approval

Mandatory contributions by financial companies to the Korea Inclusive Finance Agency are expected to be extended to 2036. A bill to push back by 10 years the sunset clause for the contribution scheme, which was set to expire on Oct. 8, passed a legislative subcommittee of the National Assembly’s Political Affairs Committee. The proposal would keep the obligation in force through 2036 if it wins final approval.