Starting next week, the legally allowed maximum interest rate imposed by lenders in South Korea will be tightened from the current annual 24 percent to 20 percent. 

The government unveiled the measure in a booklet issued on Monday containing 166 policies that will see changes in the latter half of the year.  

The new legal maximum interest rate is set to be applied starting from next Wednesday.  

Also starting from Thursday, the scope of the 52-hour workweek system will be expanded to include companies with more than five workers. Initially, it was limited to firms with more than 50 employees.   

Under the system, employees cannot work over 52 hours per week – split into 40 hours of regular work and up to 12 hours of overtime. A business owner who violates the rule can face up to two years in prison or a fine of up to 20 million won.