President Yoon Suk Yeol called on rival political parties to pass an extension to the grace period on the enforcement of the Serious Accident Punishment Act by two years in Thursday's plenary session.

According to presidential spokesperson Kim Soo-kyung, Yoon said that while there cannot be discrepancy over the importance of workers' safety, difficulties felt by small- to medium-sized businesses and struggling 830-thousand small business owners must be taken into account.

The president urged the parties to put their heads together to seek ways to relieve anxiety among small business owners and protect employment for the sake of the economy and public livelihoods.

A law punishing employers for workplace accidents is expected to apply to companies with fewer than 50 employees from Saturday after the rival parties failed to agree on a two-year extension to the grace period.

Under the act, enforced since 2022, business owners face a minimum one-year prison term or a fine of up to one billion won, or around 749-thousand U.S. dollars, upon the death or serious injury of an employee in the workplace.