South Korea considers introducing weekday holidays, which could have an economic impact of over 2 trillion won

The South Korean government is considering introducing a "weekday holiday system" in which all public holidays would fall on Mondays. If this system were introduced, it would generate an economic effect of over 2 trillion won (approximately 212.3 billion yen) per day.
Last year, the South Korean government announced in its "Roadmap for a Dynamic Economy" that it was considering introducing a weekday system of holidays, but the subsequent state of emergency and the change of government meant that no concrete progress was made.
The exhibition has been halted. The future introduction of the system is unclear. According to the relevant authorities on the 18th, the Korean Association of Personnel Administration was commissioned by the Ministry of Strategy and Finance to carry out the project from December last year to April this year.
The study involved researching "proposals for improving the holiday system, such as introducing weekday-based holidays." Weekday-based holidays are holidays that are not on a specific date, such as Children's Day on May 5th, but on a day of the week, such as the first Monday of May every year.
This refers to a system in which multiple holidays are designated as Mondays. In the United States, there is the "Monday Holidays Act," and in Japan, there is the "Happy Monday System," in which multiple holidays are designated as Mondays.
The research report states that making Monday a national holiday is expected to boost domestic demand through increased household consumption and revitalization of the tourism industry.
If a three-day weekend combining the weekend and a national holiday is created, it will stimulate demand for domestic travel, and expand accommodation, dining out, transportation, and cultural consumption. This will have an economic ripple effect on related industries.
The analysis shows that if a public holiday is moved to a Monday, daily consumer spending will increase by approximately 21,039 yen.
This was calculated by multiplying the population who will benefit from the holiday on Monday (28.09 million people on average employed in 2022) by the additional consumption expenditure per person of 74,900 won.
The amount of production induced is estimated to be approximately 3,795.4 billion won, and the amount of added value induced is estimated to be 1,695.7 billion won. In particular, the amount of production induced through the restaurant and accommodation industry accounts for 41.5% of the total.
The total amount will amount to approximately 1.5758 trillion won. Excluding national holidays such as March 1st Independence Day and Liberation Day, which are highly symbolic in terms of their dates, other days such as Children's Day, Memorial Day, and Hangul Day will be considered for the day of the week system.
If these three holidays were moved to Mondays, it is estimated that annual consumption expenditures would reach 6,311.7 billion won, induced production would reach 11,386.2 billion won, and induced added value would reach 5,000.
The analysis of credit card spending also found that when a Monday falls on a public holiday, personal consumption increases by an average of about 9.95%.
The study also points out that predictable holidays contribute to improved worker well-being and quality of life. For companies, it reduces the cost of annual paid leave compensation.
Possible names for the new system include "Monday Off," "Work-Life Balance Monday," "Family Monday," and "Refresh Monday."
The Ministry of Planning and Finance announced the idea of a weekday holiday system for the first time in the "Roadmap for a Dynamic Economy" in July last year. By expanding substitute holidays and introducing weekday holidays, it is expected to ensure sufficient rest and facilitate work-life balance.
According to a ministry official, the Ministry of Personnel Affairs and other relevant departments will decide whether to continue with the study based on the results.