The paper says the future economic burden for Koreans will become unbearable if policies to fight inflation continue to only be temporary fixes. Read more at straitstimes.com.
SEOUL - President Yoon Suk Yeol said Wednesday the government would freeze the price of public utilities, at least for the first half of the year, in a bid to ease the growing financial burden on the public following outcry over soaring heating bills and high inflation.
During the meeting, Yoon revealed his intention to reconfigure the way companies in two private-sector industries garner profits. Noting that telecom and financial sectors have the characteristics of a public good, Yoon ordered officials to draw up a practical competition system to reduce side effects of their oligopoly based on government-issued licences.
Asking the state-run Korea Electric Power and Korea Gas to slow the pace of fee hikes may also offer only a temporary reprieve. Capping electricity and gas prices would certainly make bills more affordable, but would do little to depress demand from households and companies at a time when an energy saving campaign is much needed.
With international energy prices still at a high level, the freeze of fee rates would force Kepco and Kogas to take on more of the burden, which will eventually translate into bigger and more shocking bills in the future. There are also critical problems with the burden-sharing plans that telecom and financial companies unveiled in response to Yoon’s announcement.
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