President Yoon Suk Yeol has approved a Cabinet motion to designate Armed Forces Day on October 1 as a temporary holiday this year.

In a statement released on Tuesday, the presidential office said the designation was made to boost military morale and raise the public’s awareness of national security by highlighting the importance of national defense and the value of the armed forces. 

The top office also expressed hope that the temporary holiday will spur consumer spending and help revitalize the economy. 

Also on Tuesday, the president approved a revised bill seeking to assist victims of "jeonse" lump-sum deposit rental fraud, a revised bill on supporting the taxi industry and a revised ordinance on promoting traditional markets.