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It was found that about one in four small and medium-sized enterprises (SMEs) find it difficult to finance Chuseok.
As a result of a survey conducted by the Korea Federation of Small and Medium Businesses on the demand for Chuseok funds for 900 small and medium-sized enterprises from the 10th to the 23rd, 26.2% of the responding companies answered that they had difficulty in financial situation.
21.6% answered that it was smooth, and 52.2% answered 'Normal'.
An official from the Korea Federation of SMEs and SMEs explained, "In a survey conducted last year before Chuseok, 55.8% of the responding companies answered that their financial situation was difficult.
The smaller the sales volume and fewer employees, the higher the response rate that it was difficult.
Specifically, 36.1% of companies with sales of less than KRW 1 billion answered that they were in financial difficulty, but only 9.4% of those with more than KRW 20 billion.
In addition, 36.2% of companies with less than 10 employees responded that their financial situation was difficult, while 14.9% of companies with 50 or more employees responded this way.
The reason for the difficult financial situation was sluggish sales and sales (67.4%), followed by higher raw and subsidiary material prices, higher labor costs, and frozen or lowered unit prices for delivery.
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During Chuseok this year, SMEs need an average of 157.3 million won in funds, of which the average is 21.7 million won, which is 13.8% of the required funds.
In the case of Chuseok bonus, only 37.3% of the responding companies said they would pay, 21.8% had not decided yet, and 9.2% did not plan to pay due to financial difficulties.
31.7% said they did not pay due to the implementation of the annual salary system.
It was found that companies that pay bonuses on a regular basis plan to pay an average of 50% of the basic salary, and companies that pay flat-rate bonuses plan to pay an average of 402,000 won.