(LEAD) gov't institutions-reorganization
(LEAD) 43 public institutes excluded from finance ministry's surveillance
(ATTN: UPDATES throughout with gov't report)
By Kang Yoon-seung
SEOUL, Jan. 30 (Yonhap) -- South Korea's finance ministry said Monday it has removed 43 state-run organizations from its list of surveillance in line with efforts to give them more leeway.
The move came after the government decided to raise the ceiling of the assets to be designated as public corporations or quasi-governmental institutions to 3 billion won (US$2.43 million) from the previous 1 billion won, according to the Ministry of Economy and Finance.
Following the update, the number of such state-run organizations under direct monitoring by the ministry fell to 87.
The ministry also decided to remove the country's four state-run science research institutes, including the Korea Advanced Institute of Science and Technology (KAIST), from the list of closely watched public organizations.
The finance ministry said the removal will allow the institutions to beef up their competitiveness by giving them more freedom in recruiting scholars from home and abroad.
South Korea will also have 200 public organizations adopt a wage system based on roles instead of seniority by 2027, significantly up from the 35 tallied in 2021, the ministry added.
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