South Korea is set to introduce a 'Korean Coogan Law' that mandates a portion of earnings by minor entertainers be placed in trust with financial institutions. This initiative aims to prevent families from squandering the earnings of young entertainers.
According to the National Assembly, a public hearing on the 'Minor Entertainers Income Protection Act' will be held on November 9 at 2 PM in the National Assembly Members' Office Building in Yeouido, Seoul. The event is hosted by Bae Hyun-jin of the People Power Party and Min Hyung-bae of the Democratic Party of Korea. The proposed law mirrors the Coogan Law enacted in the United States in 1939.
The Coogan Law requires that 15% of a minor entertainer's earnings be placed in a trust until they reach adulthood. It was established after the parents of Hollywood's first child star, Jackie Coogan, squandered his earnings. France also has a similar law.
The hearing will feature discussions from Jung Joon-ho, Chairman of the Korea Broadcasting Entertainment Journalists Association, Yang Byung-hoon, Editor-in-Chief of Hankyung Ten Asia, Attorney Choi Geon, and Kim Hyun-mok, Director of the Popular Culture Industry Division at the Ministry of Culture, Sports and Tourism. They will explore why many former child stars face financial difficulties later in life and how to address these issues.
Representative Bae stated, "The mandatory trust system will help protect the income of minor entertainers and provide a foundation for their economic independence." Representative Min added, "The National Assembly must establish institutional measures to ensure that the hard work and talent of young cultural artists continue to shine into adulthood."
Reporter: Jung Da-yeon, Ten Asia, light@tenasia.co.kr