Oct. 2 designated by Blue House as a Chuseok-season holiday

Oct. 2 has been confirmed as a temporary holiday by the Cabinet, Tuesday, making the sought after 10-day holiday in the beginning of October a reality.

From Sept. 30 to Oct. 9, the longest chain of national holidays will unfurl, linking National Foundation Day, Chuseok holidays and Hangeul Proclamation Day.

(The Korea Herald)

President Moon Jae-in noted that a delay in making the decision will hamper people’s holiday plans upon choosing to make the announcement a month in advance.

Experts forecast the decision will yield economic gains of 5 trillion won ($4.4 billion). According to Hyundai Research Institute’s analysis, in 2015 when Aug. 14 was designated as a temporary holiday, the estimated economic surplus on that day alone came up to nearly 2 trillion won. This figure was based on the assumption that half of Korea’s population, 25 million people, each spent an average of 79,600 won on the day.

(kaylalim@heraldcorp.com)