Kyunghyong "Encourage Employees to Use Annual Leave and Proceed with New Year Event as Scheduled" Recommendation

The Korea Employers Federation announced on the 22nd that it has urged its member companies to actively encourage the use of annual leave to boost domestic consumption. It is expected that employees taking vacations at the end and beginning of the year will help stimulate consumption and revitalize domestic tourism, thereby aiding economic recovery.

The federation also requested companies to ensure that year-end and New Year events such as year-end parties, New Year parties, training sessions, education programs, and seminars proceed smoothly. Additionally, it recommended measures to support small business owners, such as purchasing domestic agricultural, livestock, and fishery products or providing gift certificates.

Last year as well, the federation sent a recommendation letter asking member companies to actively participate in revitalizing domestic demand. According to the federation's analysis, the retail sales growth rate from January to October this year was -2.1%, the lowest level in 21 years since 2003. A negative retail sales growth rate means that real consumption has decreased.