Major business lobby groups engage member firms to help boost consumption

[Photo by Kim Ho-young]

South Korea’s key business lobby groups, such as the Korea Enterprises Federation and the Federation of Korean Industries, have recommended their member companies to actively encourage their employees to take annual leaves and travel domestically to boost consumption and economic growth.

Korea Enterprises Federation announced Monday that it had sent a recommendation letter to its members, asking them to actively participate in boosting domestic consumption. This is the first such recommendation in six years. The idea is to help restore consumer sentiment, which has been weakened by high prices, and to support local businesses, small- and medium-sized enterprises and the tourism industry.

Korea Enterprises Federation recommended that its member companies create an organizational culture that encourages workers to use their annual leave actively in accordance with the conditions of the company.

The federation also asked companies to promote the use of annual leave by notifying their employees of local festivals and other events that they could participate in.

Similarly, the Federation of Korean Industries last month sent a letter to its member companies, asking them to promote the use of annual leave by their employees and the purchase of domestic agricultural products as gifts for holidays.