Gov't unveils Lunar New Year livelihood support measures

Highly sought-after items, such as apples and pollacks, are available at discounts of up to 60% at both hypermarkets and traditional markets until the eve of Korea’s Lunar New Year. Moreover, traditional markets provide a maximum discount of 20,000 Korean won for domestically produced agricultural and livestock products.

On Tuesday, the Korean government unveiled the 2024 Lunar New Year livelihood support measures, encompassing the earlier-mentioned product discounts. Choi Sang-mok, Vice Prime Minister and Minister of Economy and Finance, highlighted that up to 260,000 tons of highly sought-after goods would be made available and that an allocation of 84 billion won is earmarked for discounts, ensuring that overall prices remain lower than the previous year.

A key measure involves hypermarkets, traditional markets, and online malls offering a 30% discount on domestic agricultural, fisheries, and livestock goods from January 18 to February 8. The government will directly reimburse the markets for the discounted prices using tax funds. Distributors and sellers participating in the government campaign have the option to provide additional discounts ranging from 10 to 30%, resulting in a maximum benefit of 60% for consumers.

Additional discounts await customers at traditional markets, where Zeropay gift certificates for agricultural, fisheries, and livestock products are available at reduced prices. Customers can buy certificates worth up to 20,000 won at a 30% discount for agricultural and livestock products and 40,000 won certificates at a 20% discount for fisheries.

Post-purchase discounts from card companies and Onnuri Gift Certificate paybacks are in-store. NH Nonghyup Card users can automatically receive up to 20,000 won cash back when shopping at any membership stores that accept agricultural gift certificates in traditional markets between January 25 and February 2. Additionally, customers purchasing agricultural or meat products at traditional markets from February 3 to 8 may receive a maximum payback of 20,000 won in Onnuri Gift Certificates. The number of participating traditional markets for these payback programs has approximately doubled compared to last year's Lunar New Year holidays.

Starting Saturday, the monthly limit for using Onnuri Gift Certificates at traditional markets increases to 500,000 won per person. For rechargeable purchase cards, the monthly limit rises to 2 million won. In 2024, the total volume of issued Onnuri Gift Certificates will grow by one trillion, reaching five trillion won.

Concerns have been raised that government efforts to stimulate consumption by injecting taxpayers' money into the market may lead to price hikes. Ministry of Economy and Finance officials, however, ensure efforts to stabilize the supply of highly demanded goods, such as apples and pears, whose prices are elevated due to limited availability.


1am@donga.com