00:03korea is pushing a rule that presumes freelancers are employees for insurers that could cost up to
00:0930 percent of a year's profit and agents themselves may not want it it's monday and
00:15november 9th let's break down what's happening in korea's financial sector the proposal presumes
00:21anyone providing labor is an employee companies would have to prove otherwise employees status
00:26can bring severance weekly holiday pay and dismissal limits here's what the numbers show
00:311.1 trillion won a year about 811 million dollars is the added cost if 30 percent of agents become
00:40employees covering all 535 000 agents lifts that to about 3.6 trillion won or 2.65 billion dollars
00:49that's about 30 percent of the industry's 2025 net profit separately a draft digital asset law due
00:57this month will likely give crypto exchange owners about three years to cut stakes to 15 to 20 percent
01:03so what does this mean for financial sector analysts earlier we said this could cost insurers up to 30
01:10percent of a year's profit here's what that actually means for you earnings would absorb the cost and
01:16the industry warns of more labor disputes watch who the final rule counts as a worker watch for
01:22carve-outs tailored to insurance sales and watch the digital asset bill this month that's today's
01:28ai prism finance daily this episode was produced with ai assistance based on sole economic daily
01:34reporting and reviewed by a human editor ai prism is a juan ifra award-winning series we'll be back
01:45and we'll be back tomorrow
