[Yeouido Interview] "Make Public Holidays on Mondays"... Will the 'Happy Monday' Law Pass This Time?

Interview with Hong Ik-pyo, Democratic Party Lawmaker
"A Decade-Long Task"... Promoting 'Happy Monday'
Public Holidays like Children's Day... Monday Legislation

Hong Ik-pyo, Member of the Democratic Party of Korea./Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Naju-seok] When the year changes, everyone has probably experienced opening a calendar and checking if any public holidays fall on a Sunday. Although substitute holidays have been introduced, there is still an unavoidable feeling of “losing a day off” when holidays like Children’s Day, Memorial Day, or Hangul Day coincide with a Sunday. Hong Ik-pyo, a member of the Democratic Party and chairman of the National Assembly’s Culture, Sports and Tourism Committee, has taken the lead in resolving this issue during his three terms as a lawmaker.

On the 29th of last month, Representative Hong proposed amendments to the “National Holidays Act” and the “Public Holidays Act,” centered on the concept of “weekday holidays.” The key point is to institutionally fix public holidays like Children’s Day to Monday if they fall on a Sunday, preventing overlap. Introducing this as the “Happy Monday Act,” Hong has previously proposed laws such as the “People’s Holiday Act” during the 19th and 20th National Assemblies to promote the introduction of substitute holidays and weekday holidays.

Hong explained, “During my three terms as a lawmaker, I have worked to change laws related to public holidays. Although most of what I wanted was amended through legal revisions, some parts have yet to be implemented. This time, I have submitted an additional bill.”

He said, “When Bang Jeong-hwan created it, Children’s Day was on May 1st,” adding, “It doesn’t necessarily have to be on May 5th.” He continued, “It is better to create more days when children can spend time with their families. If Children’s Day is on the first Monday of May, it allows for a three-day weekend following the weekend, enabling family trips and more time together.”

Having pushed for related institutional improvements for nearly ten years, he sees weekday holidays as contributing not only to expanded rest rights but also to the economy. He said, “Most OECD member countries implement weekday holidays. Increasing predictability of public holidays will stimulate consumption and revitalize the domestic market, positively affecting various industries.”

Additionally, Representative Hong recently proposed an amendment to the “Restriction of Special Taxation Act” to extend the tax credit sunset period for OTT (online video service) production companies until the end of 2025 and to double the amount of the credit compared to the current level. He stated, “Compared to advanced countries, domestic OTT production companies receive less tax support. There is a need to activate investment through tax benefits.” While countries like the U.S. and the U.K. offer about a 25% tax credit, Korea currently provides 3-10% (10% for small businesses, 7% for medium-sized companies, and 3% for large corporations). Hong’s proposal would expand the tax credit to 20% for small businesses, 14% for medium-sized companies, and 6% for large corporations.

Hong said, “Given Korea’s social structure, future job creation will come more from the Ministry of Health and Welfare and the Ministry of Culture, Sports and Tourism than from the Ministry of Trade, Industry and Energy or the Ministry of Employment and Labor.” He added, “Especially in fields related to the Ministry of Culture, Sports and Tourism, the job effect per investment is expected to be the highest.” He emphasized, “No matter how much artificial intelligence or robots advance, cultural fields ultimately require human involvement. Increasing investment in this area will cultivate competitive industries for our future and will be the most effective means to create jobs for the younger generation.”