Seoul, South Korea – In preparation for the upcoming Lunar New Year holiday, the South Korean government and the ruling party have announced a comprehensive plan to stabilize prices and stimulate consumption. The measures include a significant increase in the supply of essential goods and various consumer incentive programs.
The decision was made during a joint government-ruling party meeting held at the National Assembly on Tuesday. The attendees included Kwon Seong-dong, the floor leader of the People Power Party, and several cabinet ministers.
To ensure that prices remain stable during the holiday season, the government will increase the supply of 16 essential commodities, such as cabbage, radish, apples, and pears, by 1.6 times compared to normal levels over the next three weeks. Additionally, the government will collaborate with retailers to offer discounts on these items.
To further boost consumption, the government will issue a record-high 5.5 trillion won (approximately US$4.2 billion) worth of Onnuri gift certificates this year. Specifically for the Lunar New Year period, the discount rate for digital Onnuri gift certificates will be increased from 10% to 15%. Furthermore, consumers will receive a 15% refund in the form of gift certificates for digital payments made during this period. This means that individuals purchasing goods worth 130,000 won using a card-type mobile Onnuri gift certificate will receive a discount of 40,000 won.
To facilitate comfortable travel during the holiday, the government will offer a 30-40% discount on KTX and SRT train fares for passengers returning home between January 27th and 31st. This measure is aimed at promoting domestic tourism and easing the burden on travelers.
Kim Sang-hoon, the policy committee chairman of the People Power Party, emphasized the government's commitment to ensuring a comfortable and affordable Lunar New Year for all citizens. The comprehensive measures announced today are expected to help stabilize prices, stimulate the economy, and contribute to a successful holiday season.
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