[THE INVESTOR] Despite the economic depression, a majority of Korean companies plan to increase bonuses for the upcoming Chuseok holiday.
According to a survey of 373 Korean companies conducted by the Korea Employer Federation, there will be a slight increase of 3 percent in bonuses and 0.5 days in allowed holidays for this year’s Chuseok, which falls on Sept.15.
Many Korean company give cash bonuses or gifts to their employees on Chuseok, which is one of the two biggest traditional holidays in Korea along with the Luna New Year.
Some 70 percent of Korean companies plan to provide an average bonus of slightly more than 1 million won ($902).
Employees will also be allowed an average of 4.5 days off.
Big companies with 300 or more employees will provide on average 1.2 million won in bonus and 4.7 days off. Small and medium-sized companies will give 994,000 won in bonus and 4.3 days in bonus off.
