It is likely that companies will use this chance where the public opinion is in favor of the company owners to introduce a lot of 'reforms', basically returning everything back to 2008, when JYJ and Han Geng of Super Junior sued their ways out of SM.
King Sejong is called the greatest king of Korea, but all the reference on him were written by the literati, who tended to be the ruling class in the Chosun dynasty. Sejong introduced a lot of laws in favor of the literati, including the law where slaves (Korea had slaves till 1895 by law, and till 1950s in effect) could not sue their master and had to accept whatever treatment the masters provided them; naturally the treatment tended to be quite harsh.
The Ministry of Culture in Korea will 'reform' the Standard Contract and the head honcho of Cultural Things in Korea, Yoo Inchon, a former act best known for playing a former president (for his trouble Yoo served as the Minister of Culture during the latter's term), at 72 years old will be in charge of such reforms , naturally returning everything to the standards of 1990s.
Kim Jongguk of Turbo is known to have paid nothing by his company, who beat him when he asked for money. Horror stories like that are legion; it was Seo Taiji, who formed his own company, who was the first to challenge the system and few idols made any money.
Tony Ahn of HOT said he made more money in one year of jtL (a temporary act formed by 3 members not retained by SM when HOT disbanded) than his 5 years of HOT. That was the standard.
Until 2009, when JYJ and Han Geng's victories led to the Standard Contract,no idol singers topped the highest earning singer list, although there is no official list as such. Trot singers who ran their own game were considered to be making the most money for all these years, and it is believe that Psy, with Gangnam Style, became the first non-Trot singer who made the most money as a singer in 2012.
Likely changes would be
1. The end of 7 years as the standard contract length. Companies will reserve rights to set the length of contract, and change it as it sees fit.
2. Making idols liable for training cost and all. Ending the 'duty' by companies to provide clear accounting to the idols.
3. Ending the rights of idols to sue their companies. (i.e. Chuu and Loona)
4. The same laws would apply to foreign idols as well. Specifics are not clear yet but
5. No Tampering allowed
6. Introducing an Idol Free Agency . Specifics about that are not clear so some speculations are made . Most likely, if an idol member served the company for a pre-determined number of years agreed upon priory, some company can buy the idol outright with or without consent (specifics not clear yet) with money or maybe trading a trainee, like pro sports teams.
Some stuff about harsher treatment on trainees were also discussed but not specified.
With old school people running Korean entertainment now, a lot of the privileges the idols enjoyed will be gone. Existing idols which already debuted will probably not be affected, It is not known how the renewals will be affected yet, but with these changes there would not be any 'reform'.
A lot of older people in Korea are quite upset that idols are making so much money and fame and they will want to curtail that.
Usually a contract extension is 4 years but it is likely that again the companies will reserve the rights to set up the length of the renewal.
