Mutually Beneficial Consumption Support Fund: 14.01 Million Applications in 17 Days... 60 Billion Won Cashback Generated

[Sejong=Asia Economy Reporter Kim Hyunjung] The number of applicants for the 'Win-Win Consumption Support Fund (Cashback)' program, which provides up to 200,000 KRW in support from the government when consumption is significantly increased, has exceeded 14 million just 17 days after the application opened. The scheduled payment amount has been estimated at 60 billion KRW, which is about 8% of the predetermined budget.

On the 18th, the Ministry of Economy and Finance announced that a total of 14.01 million people had completed their applications for the Win-Win Consumption Support Fund program from the 1st to the 17th of this month. It was explained that applications have continued steadily even after the end of the 5-day rotation system (based on the last digit of the birth year), which was implemented in anticipation of a surge in applicants.

The confirmation rate compared to applications was 99.7%, indicating that almost all applicants met the eligibility criteria (age, second quarter performance). Additionally, the scheduled cashback payment amount for October, to be paid on the 15th of next month, was estimated at a total of 60 billion KRW as of the 15th. This amount is a preliminary figure and may change depending on accounting verification results.

The Ministry of Economy and Finance expects that the number of cashback recipients and the scheduled cashback payment amount will increase more rapidly toward the latter half of October.

This program will end early once the 700 billion KRW fund is exhausted.

A Ministry of Economy and Finance official stated, "As the program is progressing in earnest amid high public interest, the Ministry, the Credit Finance Association, and card companies will do their best to minimize public inconvenience throughout the entire process and ensure smooth implementation of the program," adding, "A task force (TF) centered on the Credit Finance Association and card companies has been formed to promptly address customer issues."