South Korea announces record supply and discounts for Chuseok

The South Korean government has announced a comprehensive Chuseok livelihood stability plan to mitigate rising costs and support vulnerable groups. To stabilize food prices, the government will supply a record 183,000 tons of 19 essential holiday items, including vegetables, fruits, meat, and seafood. This supply volume is approximately 1.6 times higher than usual.

To reduce the burden on consumers, a record 103 billion won will be allocated for discounts on agricultural and fishery products. Major items such as apples, pears, and beef will see discounts of up to 40%, while seafood items like pollack and mackerel may be discounted by up to 50%. Additionally, traditional markets will offer cash-back incentives via Onnuri gift certificates.

For small businesses and SMEs, the government is providing a record 43.4 trillion won in holiday funds through new loans and guarantees. Furthermore, 62.4 trillion won in existing loans and guarantees will have their maturities extended by one year for eligible borrowers. Other measures include expanded policy financing for youth and low-income groups, and early disbursement of value-added tax refunds and public procurement payments.