Yeosu Manufacturing Companies, 3 out of 10 Say "No Chuseok Bonus"

92.7% of Respondent Companies Implement Chuseok Holiday

[Yeosu Asia Economy Honam Reporting Headquarters Reporter Sim Kyung-taek] Among manufacturing companies in Yeosu, Jeollanam-do, 3 out of 10 have no plans to pay Chuseok bonuses this year, and 92.7% of companies are conducting Chuseok holiday closures, according to a survey.

According to the analysis of the "2021 Yeosu Area Companies Chuseok Holiday Closure and Bonus Payment Status Survey" conducted by the Yeosu Chamber of Commerce and Industry targeting 186 manufacturing companies in the region, 92.7% of companies responded that they would implement Chuseok holiday closures, 5.5% said they would not, and 1.8% were undecided.

This is an increase of 2.3% compared to last year's 90.4% response rate for Chuseok holiday closures.

Among the companies that responded they would implement Chuseok holiday closures, the number of days off (including Saturday and Sunday) was 3 days (15.7%), 4 days (9.8%), 5 days (62.7%), and 6 days or more (11.8%), with an average holiday duration of 4.7 days. Companies that do not plan to close for the Chuseok holiday cited shift work (100%) as the reason.

Regarding Chuseok bonus payments, 70.9% of companies in Yeosu plan to pay bonuses, while 29.1% responded that they have no plans to pay.

This is a 4.6% decrease compared to last year's 75.5% bonus payment rate for Chuseok. (This year's Lunar New Year payment was 66.7%) Reasons for not paying bonuses included the implementation of a salary system (37.5%), gift payments (31.3%), lack of funds (18.8%), and economic difficulties (12.4%), in that order.

A representative from Yeosu Chamber of Commerce said, "Although the number of companies implementing Chuseok holiday closures increased compared to the previous year, the number of companies paying bonuses decreased. The increase in companies conducting holiday closures is analyzed to be due to a decrease in shift work, and the decrease in companies paying bonuses is influenced by an increase in companies giving gifts and the prolonged and resurging COVID-19 situation, which has negatively affected companies' financial conditions."

Yeosu = Asia Economy Honam Reporting Headquarters Reporter Sim Kyung-taek simkt7@asiae.co.kr

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