Government Creates Temporary Holiday to Revitalize Economy

Article from Yonhap News:

Major Conglomerates to Participate in the August 14th Temporary Public Holiday

Big Conglomerate to decide on the August 14th Temporary Public Holiday

On August 4th, as the chair of the cabinet meeting, President Park Geun-hye appointed August 14th as a temporary non-working public holiday.

As this year will mark the 70th anniversary of the National Liberation Day [Gwangbokjeol], the declaration of August 14 as a temporary public holiday is an attempt to revive the depressed domestic economy, and boost the people’s morale in light of the the situation created by the Middle East Respiratory Syndrome (MERS).

Government employees and employees from the public sector rested from August 14th, which is the day before Liberation Day, until the weekend for a total of three days. Major conglomerates were also leaning towards an active participation in this public holiday.

According to a financial sector representative, major conglomerates like Samsung Group, Hyundai Motor Group, LG Group, as well as financial institutions are applying the same regulations for public holidays per labor and management agreements.

Accordingly, it is highly likely that big conglomerates and financial institutions will follow the government decision concerning the temporary holiday on August 14th.

Among big groups, Hanwha Group was the first one to announce on their intranet on August 3rd that August 14th will be a paid holiday.

Hanhwa Group, leader of the domestic economy revitalisation through its ‘Domestic Summer Vacation’ campaign, had already decided on the temporary holiday before the government’s decision came out.

As Daelim Industrial had already decided on company vacation days at the beginning of the year, they will substitute the Liberation Day holiday for August 14th, but as a regular vacation day. On this days all employees will taking personal vacation time.

As the news from the cabinet meeting is revealed, most of the major industries are favorably considering the temporary holiday.

Samsung Group, the biggest company in Korea, will settle their basic policy in line with the government decision.

A Samsung representative said, “We are encouraging all staff to go on vacation inside the country; and for overseas partners, customers and outstanding staff, we have been providing domestic travel opportunities, reinvigorating the domestic economy” and added “Whether August 14th will be a temporary holiday or not will be decided shortly.”

Hyundai Motor Group has not decided yet if offices will be closed on August 14th but they plan to be in line with the government direction.

All Hyundai Motor and Kia Motor workplaces are closed for vacation from August 3rd to August 7th.

Hyundai Motor Chairman Chung Mong-koo, along with the board of directors, has purchased important quantities of vouchers for traditional markets to revitalize the domestic economy that was in recession lately due to MERS and other circumstances. It seems that they will participate in this action to reinvigorate the domestic conomy through this temporary holiday.

A Hyundai Motor representative said “We need to go through a suitable decision making process to decide if we will follow this government initiative for the 70th anniversary of the liberation and revitalization of the economy, and we will come to a conclusion shortly.”

SK Group revealed, “Following the designation of the temporary holiday, August 14 will be settled as a paid vacation.” LG Group added, “We are also in the process of implementing various ideas to revive the domestic economy. Following this, we will investigate if the 14th should be a holiday or not.”

Shipbuilding companies like Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering have not come to a conclusion yet but they are likely to follow the government decision.

Hyundai Heavy Industries is closed from August 3 to August 13, so it will be easy to add an extra day to the end.

Daewoo Shipbuilding & Marine Engineering is closed from July 27 to August 7, and Samsung Heavy Industries from August 3 to August 7.

A representative from the shipbuilding industry said, “As most of the companies are on vacation now, it is difficult to decide on this matter, but as the ripple effect is strong in the shipbuilding industry it is likely that they will follow suit with the temporary holiday” while adding “As far as the temporary holiday goes, it will of course translate into paid vacation.”

Hyundai Construction and GS Construction are each conducting talks with their groups to decide on a policy about taking this day off or not.

Steel industry companies like POSCO and Hyundai Steel have not been able to decide yet if they will be following the temporary holiday or not.

Daewoo International is planning to reach a conclusion by the middle of the week.

In the case of public institutions and big conglomerates taking part in the temporary holiday, the effect will spread to small and medium delivery businesses, and it is likely that this will provide huge support for the recent movement to revitalize the domestic economy.

The Korean Culture and Tourism Institute along with other institutions, has conducted research on the holiday substitution plan, and according to their findings, it is estimated that the one day holiday will boost private consumption by 3.5 trillion Won (3 trillion USD), production by 7.4 trillion Won (6.3 trillion USD), and tax revenue by 15 trillion Won (12.8 billion USD).

Comments from Naver:

5hyu****

That’s why big companies are great.

dnjs****

When we are playing, let us not forget what 8/15 is.

eyes****

Decide what it should be and do it. There are only a few days left, but for people like me working in a small to medium business, there will be no benefit hehe and no additional payment.

l627****

Really exciting, but just for people working in big companies~

skyb****

In Lotte, let’s work!!!!

kshk****

Who in the world will profit from this holiday? Government workers and big companies..

devi****

Thank you..at least going to work will be more comfortable.

simo****

A feast for them only kk

youl****

If I rest on the 14th, I will help revive the economy? Following this logic, shouldn’t we create more holidays?

cdko****

Temporary holiday? Only related to big conglomerates? Again? And no consideration for the commoners? What about the people working from morning to night and doing rough work or working at the farm?

ceja****

Just do something nation-wide… having some places work, some places not work really irritates me.

keep****

Just a vacation for them… phewww~ no meaning.

slim****

On the substitute holiday for the 70th anniversary of the liberation, let’s refrain from going to Japan.

hsmk****

I will have to be working. I want to move to a country where you can rest when you are supposed to rest.

kisb****

The substitute holiday for us common people is just like a far away dream. Government workers, public companies or big conglomerates can benefit from this but for common people who receive a low salary, they have to suffer and go to work. The government and the assembly keep going on about policies for commoners at every chance but damn….

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  • vonskippy

    So in Korea, August 14th is National Dumbass Day?

  • Chucky3176

    Fucking clueless, that’s all I can say..

  • takasar1

    does noone study economics in the korean government?

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