President Yoon Suk Yeol has instructed officials to consider expanding the agricultural discount support for the upcoming Lunar New Year and Chuseok holidays to nearly 1 trillion won. This proposal has sparked debate over funding sources, suggesting that the government could either increase the budget during the National Assembly's review or utilize the newly proposed Future Response Fund.
During a Cabinet meeting at the Blue House on September 29, President Yoon reviewed measures to address holiday prices and the effectiveness of agricultural discounts. He stated, "Next year, I think it would be good to significantly increase the support to about 1 trillion won for the Lunar New Year and Chuseok. We should seek some assistance from the National Assembly."
He noted that holiday periods typically see price surges, which can be burdensome, but this year, prices have remained at or even below normal levels, leading to higher public satisfaction. He emphasized the need to increase support next year.
The government allocated 149 billion won for agricultural discount support ahead of this year's Chuseok. Discounts on domestic fresh agricultural products were offered at large and small retailers, as well as online markets. Additionally, a refund program was implemented at 300 traditional markets, providing up to 30% back in gift certificates based on purchase amounts.
In response to President Yoon's proposal, Park Hong-keun, Minister of the Office for Government Policy Coordination, mentioned that approximately 160 billion won for related projects is included in next year's government budget plan and that efforts will be made to seek additional funding during the National Assembly's review process.
President Yoon then suggested that the Future Response Fund could also be utilized for this purpose, stating, "This can also help alleviate polarization." He urged officials to explore various funding options, reiterating his commitment to expanding support.
He particularly stressed the importance of ensuring fairness in policy implementation to avoid creating gaps in discount support.
The Future Response Fund, mentioned by President Yoon, is a new fund the government is proposing to establish to secure future growth drivers and address structural issues. On October 1, the Cabinet reviewed a bill regarding the establishment and management of the Future Response Fund, which would be overseen by the Ministry of Economy and Finance.
The government plans to use the Future Response Fund as a strategic financial tool to address potential growth rates while tackling issues such as polarization, regional imbalances, and youth and education challenges. President Yoon's linkage of holiday discount support to "alleviating polarization" is seen as aligned with the intended direction of this fund.
However, opposition parties, including the People Power Party, have criticized the potential for the Future Response Fund to be misused as a so-called "slush fund" beyond fiscal control.
In a briefing, Chief Presidential Spokesperson Kang Yu-jeong clarified that the Future Response Fund is not specifically tied to any particular budget item, suggesting that it could be used to alleviate K-polarization through available budgetary support.
She added that the three key social policies mentioned in the Cabinet meeting are more closely related to the Future Response Fund, indicating that the significant surplus in tax revenue could be directed toward addressing polarization in the public welfare sector.
* This article has been translated by AI.
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