7 out of 10 companies to take a 5-day holiday during the Lunar New Year holiday

More than 7 out of 10 companies were found to take five days off during the Lunar New Year holiday.

On the 23rd, the Korea Economic Daily announced the results of the ‘New Year holiday status survey’ conducted in the middle of this month targeting 512 companies with 5 or more employees.

As a result of the survey, 73.7% of the responding companies answered that they had a five-day holiday. 13.4% of those who took a break of 4 days or less, and 13.0% of those who said they took a break of more than 6 days. 97.9% of companies said they would take a day off during the Lunar New Year holiday. About 2.1% of companies did not have a clear holiday plan.

72.7% of companies that take a break for more than 6 days were found to be obligated to take a day off in accordance with the collective bargaining agreement and employment rules, rather than a problem of work schedule or cost. 12.7% of companies said they wanted to adjust production due to a lack of work, and 5.5% said they took six days or more off to cut costs such as annual vacation pay.

Looking at the Lunar New Year holidays by company size, 3 out of 10 companies with 300 or more employees (29.6%) had more than 6 days. Of the companies with fewer than 300 employees, 10.2% of companies took a break of 6 days or more.

The number of companies that said they plan to pay a New Year’s bonus was 61.9%, down 1.6 percentage points from last year (63.5%). As for the level of bonuses, 91.0% answered “the same as last year” the most. 4.7% said they paid less than last year, and 4.3% said they paid more.

The factor that is expected to be the most burdensome to achieving business results this year was the ‘rise in raw material prices’. 43.0% of companies selected it. The increase in labor costs was 23.7%, the spread of the corona virus 18.3%, and the global supply chain instability 6.8%. It seems that there are still many concerns about the re-spread of COVID-19.


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