Is today a public holiday in South Korea?

Act on Public Holidays, Labor Standards & Financial Clearing Rails

In the Republic of Korea, official public holidays are legislated under the Act on Public Holidays (공휴일에 관한 법률, Act No. 18291) and the Presidential Decree on Regulations on Holidays of Public Agencies. Historically applicable only to civil servants, public holidays became statutory paid holidays for private-sector employers under Article 55, Paragraph 2 of the Labor Standards Act (근로기준법) for all workplaces employing five or more regular workers.

In addition to 15 statutory national holidays, all employees governed by the Labor Standards Act—regardless of company size—are legally entitled to paid leave on Workers' Day (근로자의 날, 1 May) pursuant to the Designation of Workers' Day Act.

The Substitute Holiday System (대체공휴일, Daeche Gonghyuil)

Under Article 3 of the Act on Public Holidays and subsequent presidential amendments, South Korea enforces an extensive substitute holiday framework to safeguard rest days when statutory holidays coincide with weekends:

• Holidays Eligible for Substitution: When falling on a Saturday or Sunday, an official substitute holiday is gazetted on the first following non-holiday working day (typically Monday) for: Seollal (Lunar New Year, 3 days), Chuseok (3 days), Children's Day (5 May), Independence Movement Day (1 March), Liberation Day (15 August), National Foundation Day (3 October), Hangeul Day (9 October), Buddha's Birthday (lunar calculation), and Christmas Day (25 December).
• Holidays Excluded from Substitution: Crucially, New Year's Day (1 January) and Memorial Day (현충일, 6 June) are statutorily excluded from the substitute holiday system. When Memorial Day falls on a Saturday or Sunday, no compensatory Monday off is granted.

In 2026, multiple major holidays trigger substitute observances:

• Independence Movement Day: Sunday, 1 March 2026 transfers to Monday, 2 March 2026.
• Buddha's Birthday: Sunday, 24 May 2026 transfers to Monday, 25 May 2026.
• Liberation Day: Saturday, 15 August 2026 transfers to Monday, 17 August 2026.
• National Foundation Day: Saturday, 3 October 2026 transfers to Monday, 5 October 2026.

Labor Standards Act Article 56: Holiday Overtime Calculations

Under Article 56, Paragraph 2 of the Labor Standards Act, employers who require staff to work on a statutory public holiday or substitute holiday must pay mandatory statutory overtime premiums:

1. Up to 8 Hours of Holiday Work: Compensated at 150% of the employee's ordinary hourly wage (base wage + 50% statutory holiday premium).
2. Holiday Work Exceeding 8 Hours: Compensated at 200% of the ordinary hourly wage (base wage + 50% holiday premium + 50% extended overtime premium).
3. Night Work Overlap: If holiday shifts extend between 22:00 and 06:00, an additional 50% night work allowance is compounded on top of holiday rates.

An employer may substitute an official holiday for another working day in advance (prior substitution / 휴일대체), but only if supported by a formal written agreement executed with the representative of the employees.

Banking Clearing Rails: Bank of Korea (BOK-Wire+) vs. KFTC 24/7

Wholesale financial settlement is administered by the Bank of Korea (BOK) via the BOK-Wire+ real-time gross settlement system:

• Wholesale Settlement Halts: BOK-Wire+ halts operations on all statutory holidays, substitute holidays, and weekends. Physical branch lobbies of commercial banks (including Kookmin, Shinhan, Hana, and Woori) close teller windows nationwide.
• Retail Banking (KFTC Network): Domestic electronic retail payments operated by the Korea Financial Telecommunications & Clearings Institute (KFTC)—including smartphone wire transfers, Open Banking, ATM networks, and fintech services like KakaoPay and Toss—function 24/7/365. Instant interbank retail payments execute continuously, while final net settlement clears across BOK accounts on the next operational business day. Calculate delivery windows around Korean banking holidays with our Working Days Calculator.

Korea Exchange (KRX) & The December 31 Trading Halt

The Korea Exchange (KRX) suspends KOSPI, KOSDAQ, and derivative trading sessions on all statutory public holidays and official substitute days. Furthermore, the KRX observes a mandatory Year-End Market Holiday (연말 휴장일) on the final business day of December (31 December). Trading terminates on the penultimate business day of the year and resumes on the first working day of January with a delayed morning opening bell at 10:00 AM KST.

South Korea Payment Rails, Exchange Cutoffs & Statutory Pay Matrix (2026–2027)

When a statutory public holiday or in-lieu bank holiday occurs in South Korea, commercial banking counters, central bank real-time gross settlement (RTGS) rails, and retail instant payment systems follow distinct operational rules:

Key 2026 vs. 2027 Holiday Date Shifts & Bridge-Day Planning in South Korea

Because fixed calendar holidays shift one weekday forward between 2026 and 2027 (and movable lunar or liturgical holidays shift by 10 to 15 days), HR teams, payroll processors, and employees in South Korea should account for the following 2026–2027 date comparisons and leave-bridge opportunities: