The government is set to increase the supply of essential holiday items such as cabbage, apples, and beef to 1.6 times the normal levels ahead of Chuseok. It will invest a record 103 billion won in discounts for agricultural and marine products and provide 43.4 trillion won in loans and guarantees to small businesses and medium-sized enterprises.
On September 1, during a Cabinet meeting at the Blue House, the government reported on its 'Chuseok Economic Stability Measures.' The plan focuses on stabilizing prices of essential goods, alleviating public burdens, boosting domestic consumption, and ensuring public safety.
The supply of holiday essentials will reach a record 183,000 tons. Vegetable supplies will be 1.9 times the normal amount at 10,800 tons, while fruit supplies, including apples and pears, will be more than three times higher at 32,000 tons.
The supply of livestock products will also increase by 1.3 times compared to usual, with 90,000 tons of beef and pork and 17,000 tons of chicken. Egg supplies will be expanded to 2.4 times the normal levels. The supply of forest products such as chestnuts and jujubes will be increased to 2,480 tons, nine times the usual amount.
Six types of seafood, including mackerel, pollock, squid, hairtail, and dried anchovies, will be supplied at prices up to 40% lower than market rates, with mackerel and pollock supplies increased to more than three times the normal levels.
The government will invest a record 103 billion won in discount support. Starting September 3, in collaboration with retailers, it will offer discounts of up to 40% on agricultural and livestock products such as apples, pears, and beef. From September 9, seafood products like pollock, mackerel, and seaweed will be sold at discounts of up to 50%.
The government will also expand refund events at traditional markets. From September 16 to 20, customers at 300 traditional markets for agricultural and marine products will receive approximately 30% of their purchase amount back in gift certificates, with a refund limit of 20,000 won.
Gift sets of fruits, traditional offerings, and Hanwoo beef will be discounted by up to 50%, while seafood gift sets will see discounts of up to 53%. Over 4,700 processed food items, including ramen and bread, will also be sold at discounts of up to 64% in collaboration with the food industry.
To alleviate financial difficulties for small businesses and medium-sized enterprises, the government will provide a record 43.4 trillion won in holiday funds through loans and guarantees. Loans and guarantees maturing will be extended by one year, totaling 62.4 trillion won.
Value-added tax refunds will be issued on September 3, and public procurement payments will be expedited before Chuseok. Businesses with fewer than 30 employees will have their employment and industrial accident insurance payments deferred, and small businesses can spread their electricity payments over up to six months and gas payments over up to four months.
For low-income, vulnerable, and youth groups, policy financing such as the Sunshine Loan will be provided at a scale exceeding 480 billion won, four times that of last year. The interest rate for support loans for overdue payments will be temporarily reduced by 0.5 to 1.0 percentage points from this month until the end of next month.
Subsidies for fuel prices for cargo trucks, passenger vehicles, coastal cargo ships, and tax-exempt fuel for farmers and fishermen will be extended until the end of the year. The budget for disaster medical expense support will increase from 150.4 billion won to 233.4 billion won, an increase of 83 billion won.
To stimulate domestic consumption, from September 16 to 20, additional purchases of digital gift certificates will be allowed at a 10% discount, up to 200,000 won. Including the existing monthly purchase limit, a maximum of 1.2 million won can be purchased during this period.
Over 80,000 accommodation coupons will be distributed targeting non-capital regions and islands. During the Chuseok holiday from September 24 to 27, highway tolls will be waived nationwide, and KTX fares will be reduced by 10%. Entrance fees for the Four Great Palaces, Jongmyo Shrine, and the National Museum of Modern and Contemporary Art, as well as national natural recreation forests, will be waived during the holiday period.
The government plans to operate a 24-hour situation management system involving relevant ministries and local governments during the holiday to monitor the implementation of these measures.
* This article has been translated by AI.
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