Gwangyang Chamber of Commerce: 87.0% of Small and Medium Enterprises Observe an Average 4-Day Chuseok Holiday Break

Chuseok Bonus Payment by 87.0% of Companies

65.2% of Responding Companies... Financial Conditions "Similar to Last Year"

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] According to a survey on the Chuseok holiday and bonuses conducted by the Gwangyang Chamber of Commerce and Industry in Jeonnam (Chairman Lee Baek-gu) targeting 100 local companies, 87.0% responded that they plan to pay Chuseok bonuses (cash) (55% regular bonuses, 45.0% fixed amount).

10.8% stated they would provide separate gifts, and 2.2% said they would not pay due to management difficulties.

Among those planning to pay, for percentage-based payments, half paid an average of 50% of the base salary and the other half 100%.

For fixed amount payments, the average per person was 611,000 KRW, with 50,000 KRW at 61.1%, 100,000 KRW at 33.3%, and 200,000 KRW at 5.6%.

Regarding Chuseok holiday plans, 87.0% of companies responded that they would close for the entire Chuseok holiday (4 days 95.0%, 5 days 5.0%).

13.0% said they would not close, operating on a 100% shift work basis.

In a survey on financial conditions, 65.2% answered "same as last year," 32.6% "worse than last year," and 2.2% "better than last year."

A Gwangyang Chamber of Commerce and Industry official said, "Despite the difficult situation with steep interest rate hikes, supply chain bottlenecks, rising costs, unstable supply of raw materials, concerns about economic recession, and increasing fixed costs such as labor, most local companies are expected to pay Chuseok holiday bonuses."

Additionally, the "Gwangyang City Disaster Relief Fund 4th Emergency Disaster Living Expenses" is being provided, which is expected to be of great help.

Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr

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