Survey of 1,194 Companies
Large Enterprises with Over 300 Employees to Pay 1.38 Million KRW
More than half of the companies surveyed plan to give Lunar New Year bonuses this year.
On the 21st, career platform Saramin conducted a survey from the 9th to the 14th targeting 1,194 companies regarding their plans to give Lunar New Year bonuses. The results showed that 55.7% of the companies intend to provide bonuses.
The average bonus per employee among these companies was 780,000 KRW. By company size, companies with 300 or more employees offered the highest amount at 1,380,000 KRW. This was followed by companies with 100 to fewer than 300 employees at 840,000 KRW, and companies with fewer than 100 employees at 740,000 KRW.
The main reason companies give Lunar New Year bonuses was "to boost employee morale" (55%, multiple responses allowed). Other reasons included "because it is stipulated as a regular bonus" (34.9%), "to increase employees' loyalty to the company" (16.5%), "to help reduce the financial burden of the Lunar New Year" (13.1%), and "due to good performance last year and sufficient capacity to pay" (6%).
On the other hand, companies that do not give bonuses (529 companies) mostly cited management difficulties as the reason. These companies mentioned reasons such as "being in a crisis management situation" (29.7%, multiple responses allowed), "poor financial condition and lack of capacity to pay" (27.6%), "replacing bonuses with gifts, etc." (27.4%), "no regulations for holiday bonuses" (25.7%), and "securing reserves due to increased uncertainty" (8.9%).
Meanwhile, 70.5% of all responding companies plan to give Lunar New Year gifts to their employees. The average budget for gifts was 69,000 KRW, with "processed foods such as ham and tuna" (46.9%, multiple responses allowed) being the most common. Other planned gifts included "fruits such as pears and apples" (20%), "meat such as Korean beef ribs" (13.8%), "various gift certificates (points)" (13.3%), and "daily necessities such as cosmetics and detergents" (8.8%).
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