'No Lunar New Year Bonus' 39.8%... Hunet, Survey of Office Workers

[Asia Economy Reporter Kim Daeseop] Hunet announced on the 20th that, according to a survey on Lunar New Year plans for 2020 conducted among office workers, 4 out of 10 respondents said they would not receive a Lunar New Year bonus.

The survey was conducted over three days starting from the 15th, targeting 930 office workers. When asked whether their company would provide a Lunar New Year bonus, responses were almost evenly split between "No" (39.8%) and "Yes" (37.6%). Those who answered "Don't know" accounted for 22.6%. Large corporations, mid-sized companies, and public enterprises showed a higher proportion of "Yes" responses, whereas foreign companies and small and medium-sized enterprises had a higher proportion of "No" responses.

These office workers are expected to spend an average of 502,000 KRW this Lunar New Year. This is about 44,000 KRW more than the expected expenditure of 458,000 KRW last year. The largest group (25.5%) planned to spend "100,000 KRW or more but less than 300,000 KRW." This was followed by "300,000 KRW or more but less than 500,000 KRW" (24.5%), "500,000 KRW or more but less than 700,000 KRW" (17.3%), "700,000 KRW or more but less than 1,000,000 KRW" (15.3%), "1,000,000 KRW or more" (11.2%), and "less than 100,000 KRW" (6.1%).

Regarding expenditure, married respondents expected to spend an average of 558,000 KRW, while unmarried respondents expected to spend an average of 389,000 KRW. Married individuals are expected to spend 169,000 KRW more than unmarried individuals.

Among the spending budget, "allowances for parents and family" accounted for the largest share. More than half of the respondents, 54.7%, selected allowances for parents and family. This was followed by "gift purchases" (17.9%), "setting up ancestral rites table" (13.7%), "travel expenses" (7.4%), and "transportation costs" (4.2%).

This year’s Lunar New Year holiday is expected to last an average of 3.4 days. In last year’s survey, the average number of days off was 4.3 days. Due to the shorter holiday compared to last year, the average number of days off for office workers also decreased by about one day.

This content was produced with the assistance of AI translation services.