Children's Day in Korea...

Children's Day in Korea is a highly anticipated holiday for kids across the Korean peninsula. It arrives every year on May 5th and is special because it means fun times with family, gifts, and most of the time, no school! Parents will often take their kids to the zoo, amusement parks, or museums and offer their children gifts to their liking.
As an English teacher to Korean youngsters, you are by no means obligated to give your children gifts. In fact, some schools may frown upon it. If this is not the case, then you might want to think about coming to class that day with some small kind of treats to reward your students for the massive amounts of hours spent in and out of the classroom studying.
The holiday originates from the time of well-known author, Bang Jeong-Hwan, who believed in creating this special day for kids to enjoy their childhood to the maximum. He believed so firmly in this because he felt that children are the future of this nation and should learn respect from their elders.

Sources :
http://en.wikipedia.org/wiki/Children%27s_Day#Korea.2C_Republic_of
http://english.ohmynews.com/articleview/article_view.asp?at_code=408337