Ministry of Economy and Finance "Reviewing Various Tasks to Prepare 2025 Lunar New Year Holiday Measures"
The government has stated that no specific decision has been made regarding reports that the 27th, just before the Lunar New Year holiday, will be designated as a temporary holiday.
Earlier, Kukmin Ilbo reported on the 7th that the government is considering designating the 27th, which falls between the weekend and the Lunar New Year holiday starting on the 28th, as a temporary holiday. This is because consumer sentiment has rapidly frozen since the emergency martial law on December 3rd, and the government is contemplating a "golden holiday card" to change the mood. If the 27th is designated as a temporary holiday, people could have six consecutive days off, from the weekend on the 25th-26th through the Lunar New Year holiday from the 28th to the 30th.
On the 7th, shops in the center of Myeongdong, Jung-gu, Seoul, posted rental notices and appeared vacant. Photo by Yonhap News
On the same day, the Ministry of Economy and Finance stated in a press release, "Various tasks are being reviewed to prepare measures for the 2025 Lunar New Year holiday," adding, "No specific details have been decided yet."
Earlier, the government announced measures to stimulate domestic demand in this year's economic policy direction. These include raising the discount rate for digital Onnuri gift certificates from the usual 10% to 15% only during the Lunar New Year peak season (January 10 to February 10). There is also a plan to temporarily double the income tax deduction rate for credit card use at small business stores from 15% to 30%.
Stores in the center of Myeongdong, Jung-gu, Seoul, are seen closed on the 7th. Photo by Yonhap News
The government expects these measures to also help self-employed individuals who missed out on the year-end and New Year sales boom. However, it is known that they are also considering ways to minimize side effects by fully gathering opinions from business representatives in sectors such as the food service industry, where labor supply issues may arise.
Choi Sang-mok, Acting Prime Minister and Minister of Economy and Finance, said at the Cabinet meeting that day, "The difficult livelihood economy is at risk of freezing further due to the recent political situation," and emphasized, "Measures to revive domestic demand in consumption, construction, tourism, and regional economies must be implemented swiftly."
Whether the temporary holiday will be designated is expected to be decided after related matters are discussed at a high-level party-government meeting. If the government submits the temporary holiday designation plan at the Cabinet meeting on the 14th and it is approved, and Acting Prime Minister Choi endorses the agenda, the 27th will be designated as a temporary holiday.
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