Accelerated Relocation Under "Zero Retention in Seoul" Principle
Relocation of Public Institutions Such as the Financial Supervisory Service and Policy Banks Coming Into Focus

The second phase of relocating central administrative agencies, including the Financial Services Commission, is expected to be reviewed by the Cabinet as early as next week. The government has declared a 'zero remaining in Seoul' principle and is accelerating the relocation of administrative and public institutions, prompting full-scale discussions regarding the entities and regions subject to relocation.


Second Phase Relocation Plan for Central Administrative Agencies Including Financial Services Commission to Be Reviewed at Cabinet Meeting on 25th View original image

According to relevant ministries on the 23rd, the agenda for relocating administrative agencies is expected to be submitted to the Cabinet meeting scheduled for the 25th. The Financial Services Commission, the Personal Information Protection Commission, and the Ministry of Gender Equality and Family are being discussed as potential candidates for relocation.


The government is proceeding with the relocation of administrative agencies and public institutions simultaneously. Under this approach, the Ministry of the Interior and Safety is in charge of relocating administrative agencies, while the Ministry of Land, Infrastructure and Transport is responsible for relocating public institutions.


Accordingly, the agenda for relocating administrative agencies will first be submitted at the Cabinet meeting on the 25th, while discussions regarding the relocation of public institutions, such as the Financial Supervisory Service and state-run banks, are expected to be postponed until next month.


The principle set by the government is zero remaining in Seoul. Yunduck Kim, Minister of Land, Infrastructure and Transport, recently emphasized the strong relocation policy, stating, "The President's first directive was to challenge ourselves to zero remaining in Seoul."


As discussions on relocation become more concrete, there has been growing opposition from the agencies subject to relocation. The labor union of the Financial Supervisory Service, together with the labor union of the Korea Deposit Insurance Corporation, is scheduled to hold a press conference in front of the Blue House on the 24th to oppose the relocation.


There are also concerns that the relocation of public institutions could result in a large-scale workforce exodus. According to the results of a survey conducted by the labor union of the Financial Supervisory Service with 1,538 of its employees, released on the 21st, 85.6% of respondents said they would consider resigning if the Financial Supervisory Service headquarters, currently located in Yeouido, Yeongdeungpo-gu, Seoul, were to be relocated to a provincial area.



As backlash intensifies among agencies being considered for relocation, considerable challenges are expected in the process of finalizing the entities and regions to be relocated in the future.


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