Gyeonggi-do Fully Spends 62 Billion Won of '2nd Consumer Support Fund'

Increase of Consumer Support Fund from 30,000 Won to 50,000 Won, Immediate Payment

[Asia Economy Reporter La Young-cheol] Gyeonggi Province's '2nd Consumption Support Fund' for Gyeonggi local currency, implemented as a COVID-19 economic quarantine measure from June, ended early after just 20 days of operation.

According to Gyeonggi Province on the 22nd, the entire budget of 62 billion KRW prepared for the '2nd Consumption Support Fund' from the 1st to the 20th was fully exhausted.

Approximately 490,000 people recharged 200,000 KRW or more for the first time in their lives, accounting for 40% of the total eligible recipients, and about 740,000 existing users spent 200,000 KRW or more, making up 60% of the total, according to preliminary figures.

The 2nd Consumption Support Fund was implemented in two ways: providing an additional 50,000 KRW consumption support fund when recharging 200,000 KRW or more for the first time in life, or when existing users spend a total of 200,000 KRW.

The province expanded the consumption support fund from 30,000 KRW (15% of consumption amount) paid in the 1st round last year to 50,000 KRW (25% of consumption amount) in the 2nd round. The 10% incentive paid upon recharge remained the same as before.

While the payment timing was once a month last year, this time the support fund was paid immediately upon using the full 200,000 KRW (except for Seongnam, Siheung, and Gimpo, where it is once a week).

After the announcement of the 2nd Consumption Support Fund payment plan, the amount recharged to local currency increased significantly, reaching about 2.4 times the usual amount.

The 50,000 KRW consumption support fund is a limited edition local currency that expires one month after the date of receipt, so it must be used within the deadline.