The South Korean government is allocating an additional 900 billion won to reduce the financial burden of Chuseok shopping. The discount program for agricultural and livestock products will be extended for an additional week until September 30, and the previous limit of 20,000 won per person per week will be removed.
On September 9, the Ministry of Economy and Finance held a meeting led by Vice Minister Kang Gi-ryong to announce supplementary measures for stabilizing living conditions during the Chuseok holiday.
In addition to the 1.03 trillion won in discount support announced on September 1, the government will inject an extra 900 billion won from available budgets. The aim is to enhance price stability by expanding discounts and supply for essential holiday items.
The discount program for agricultural and livestock products will now run from September 3 to September 30, including the Chuseok holiday. During this period, the limit on discounts will be lifted, allowing consumers to purchase these products at lower prices.
The government will also increase the supply of reserved seafood. An additional 2,000 tons will be supplied, including 1,300 tons of pollock, 300 tons of squid, 300 tons of croaker, and 100 tons of dried croaker, bringing the total to 22,000 tons, which is three times the usual amount.
The price reduction for reserved seafood will be expanded, with supplies offered at up to 50% below market prices, compared to the previous maximum of 40%. These products will be distributed to wholesale markets, supermarkets, and traditional markets.
The number of companies participating in the processed food discount program will increase to 20. A total of 4,765 items will be discounted by up to 64% this month, with plans to further expand the range of discounted items and rates in consultation with the industry.
As the Chuseok holiday approaches, the government will strengthen inspections to prevent overcharging. From September 14 to 22, joint inspections will be conducted at markets and tourist areas, focusing on restaurants and accommodations. During the traditional market gift certificate refund event from September 16 to 20, monitoring for overcharging practices will be intensified.
New enforcement standards for accommodations, restaurants, and taxis will be communicated on-site. The government plans to amend consumer dispute resolution standards by the end of the year to require compensation of 200% of the canceled fee for unjustified cancellations of accommodation reservations.
Through the 'Joint Government Response Team for Living Conditions' launched on August 28, the government will continue to monitor price collusion and unfair practices related to essential goods.
In a recent crackdown on abuses of the tariff quota system, illegal and unfair practices amounting to 546.8 billion won were identified across 10 companies, resulting in fines of 8.5 billion won and the recovery of 58.6 billion won in evaded taxes.
Meanwhile, a survey by the Korea Consumer Agency found that the average cost of purchasing Chuseok offerings for a family of four three weeks before the holiday is 313,089 won, a 2.3% decrease from last year's 320,370 won. The government plans to enhance measures to ensure the continued effectiveness of price stabilization efforts through discount support and supply expansion.
* This article has been translated by AI.
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