Nearly Half of SMEs Have No Plans to Pay Bonuses for Lunar New Year

  • By Yang Mo-deum

    January 14, 2020 11:23

    Half of small and medium-sized companies are struggling to pay bonuses for the upcoming Lunar New Year's Day, according to a survey released on Monday.

    According to a survey of some 800 companies by the Korea Federation of SMEs, almost half, or 49.7 percent, said they won't be able to hand out bonuses for the holiday due to financial strain. Most of them attributed their financial difficulties to sluggish sales exacerbated by pressure from rising labor costs.

    A mere 11.4 percent said they were not hit hard by the economic slowdown.

    But more than half, or 50.1 percent, said they will pay out bonuses to their employees, who are expected to receive an average of W624,000 (US$1=W1,157).

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