Seoul: The antitrust watchdog said Friday it will review institutional measures to guarantee collective action rights of economically disadvantaged groups, such as self-employed business owners. The Fair Trade Commission (FTC) announced the plan during a policy briefing to President Lee Jae Myung, emphasizing efforts to foster a fair economy that allows all participants to grow together.

According to Yonhap News Agency, FTC Chairman Ju Biung-gi stressed the importance of a fair economy for the sustainable growth of the national economy, highlighting the need to protect the collective action rights of small business owners. The FTC stated it will examine whether small and medium-sized enterprises (SMEs) and self-employed business owners can be exempt from collusion rules when engaging in collective actions against large corporations, ensuring they receive their fair share.

The agency noted that the plan aims to strengthen the bargaining power of smaller market participants and facilitate mutually beneficial growth. Additionally, the FTC plans to revise methods for imposing and calculating fines and restructure the overall penalty system to boost the effectiveness of economic sanctions under fair trade rules.

Under the proposed revisions, fines could increase by up to 50 percent for a single repeat offense and by up to 100 percent depending on the number of violations. The agency also intends to adjust standards to enhance the assessment of the severity of violations, which forms the basis for calculating penalties.

The commission mentioned it will consider raising the upper limit of fines, particularly for abuses of market dominance, noting that current levels remain low compared with those in advanced economies.