Seoul: South Korea will remove the ceiling on the amount of rewards for unfair trade tip-offs starting this week in order to better compensate whistleblowers, the antitrust watchdog said Wednesday. Starting Thursday, whistleblowers who report unfair trade practices can receive rewards of up to 10 percent of the fines imposed on violators, according to the Fair Trade Commission (FTC).

According to Yonhap News Agency, previously, rewards were capped at 3 billion won (US$1.98 million). The highest amount of cash reward offered so far was 1.75 billion won, involving a case in the price-fixing of steel products in 2021. For example, the FTC said the maximum reward in the flour price-rigging case in May would have reached 67.1 billion won under the new system as seven flour producers were fined a combined 671 billion won in the case.

"The revision and implementation of the new reward program is expected to deter unfair trade practices, such as price rigging, by raising awareness that anyone involved may report them to the authorities," the FTC said. "The FTC will continue efforts to promote a fair market economy and prevent unfair trade practices."