Government Announces Up to 60% Discount on Lunar New Year: Boosting Economy and Supporting Consumers

Government Announces Up to 60% Discount on Lunar New Year Holiday

The government has unveiled a comprehensive plan to provide significant discounts of up to 60% on agricultural and fisheries products during the upcoming Lunar New Year holiday. As part of the plan, the government will allocate a budget of 8.4 trillion won to support these discounts, making it the largest budget ever allocated for this purpose.

Economic Boost and Consumer Support

With the aim of boosting the economy and supporting consumers, the government plans to expand the discount rate for apples and pears at large supermarkets from 20% to 30%. Additionally, measures to support private supply prices will be implemented. The National Agricultural Cooperative Federation will also offer 100,000 fruit gift sets at a maximum 20% discount.

Enhanced Benefits and Support

Starting from the 20th of this month, consumers will enjoy increased benefits as the monthly purchase limit for Onnuri Gift Vouchers will be raised from 1.5 million won to 2 million won. The total issuance size of Onnuri Gift Vouchers will also be expanded from 4 trillion won to 5 trillion won, providing more opportunities for discounts and contributing to economic stimulation.

Support for Small Businesses and Financial Stability

The government recognizes the importance of small businesses and will implement various measures to support them during the holiday period. This includes providing 200,000 won in electricity bill support to approximately 1.26 million small businesses with annual sales of less than 30 million won. Additionally, small businesses that have borrowed from secondary financial institutions can receive interest refunds of up to 1.5 million won. To ensure liquidity, the government plans to supply new loans and guarantees amounting to 39 trillion won to small businesses and SMEs.

Promoting Travel and Convenience

In an effort to promote travel and alleviate economic burdens, the government has decided to exempt toll fees on highways during the holiday period. Furthermore, local government parking lots and public institution parking lots will be opened for free, allowing convenient and hassle-free travel to various destinations.

Encouraging Charitable Donations and Economic Recovery

In order to encourage donations and stimulate economic recovery, the government will increase the tax deduction rate by 10 percentage points for donations exceeding 30 million won. This aims to motivate individuals to contribute to social causes and support those in need.

Conclusion

Through this comprehensive plan, the government aims to promote economic activity, support consumers, and ensure stability during the Lunar New Year holiday. By providing significant discounts, supporting small businesses, and encouraging charitable donations, the government strives to create a prosperous and enjoyable holiday for all. With a focus on economic revitalization, consumer support, and stability, the government’s efforts are geared towards fostering a sense of well-being and prosperity during this festive period.