'Seol Price Stabilization' Maximum Release of Seasonal Goods... Expressway Toll Exemption

Government Announces Lunar New Year Livelihood Stabilization Measures
30 Billion Won Invested in Discounts on Agricultural, Livestock, and Marine Products
Record-High Supply of 16 Major Essential Goods
Additional 118.6 Billion Won Support for Vulnerable Groups' Energy Bills Including Electricity

[Asia Economy Sejong=Reporter Kim Hyewon] The government will release the largest-ever volume of 16 key seasonal products, including apples, pears, and pork, into the market to stabilize prices during the Lunar New Year. In January, 30 billion KRW will be invested in discounts on agricultural, livestock, and fishery products to induce price reductions of up to 60%.

For vulnerable groups, discounts on public utility fees such as electricity and various cash-equivalent vouchers related to heating, fuel, food, and education will be provided.

To ease the burden of transportation costs for returning home, toll fees on expressways will be waived during the holiday period (January 21-24), including substitute holidays.

On the 4th, the government held an emergency economic ministers' meeting chaired by Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, where the 'Lunar New Year Livelihood Stabilization Measures' were announced.

Deputy Prime Minister Choo said, "Severe price conditions have persisted into the beginning of the year, raising concerns that the burden on low-income and vulnerable groups will increase, especially for food and heating costs during the holiday and winter season." He added, "Under conditions of high inflation and high interest rates, we will continue to focus on stabilizing prices of key seasonal products and reducing essential living expenses for low-income and vulnerable groups, concentrating all policy efforts on this."

First, through the release of government stockpiles and contract cultivation volumes, 208,000 tons of the 16 key seasonal products will be supplied, the largest scale ever for Lunar New Year, 1.4 times the usual amount. A budget of 30 billion KRW will be allocated for discounts on agricultural, livestock, and fishery products, and combined with retailers' own discounts, price reductions of 20-60% will be supported mainly for the 16 key seasonal products. For cabbage and radish, supply will be 1.5 times the usual amount, and if supply instability increases due to cold waves, additional stockpiles (10,000 tons of cabbage and 5,000 tons of radish) will be released. For fishery products like mackerel, which have recently seen price increases, stockpiles will continue to be released and tariffs lowered to promote imports.

The discount support limit for agricultural, livestock, and fishery products will be raised from 10,000 KRW to 20,000 KRW per person (30,000-40,000 KRW in traditional markets), and an event will be held where up to 30% of purchases at traditional markets will be refunded on-site in Onnuri gift certificates (with a 20,000 KRW per person limit). A total of 30 billion KRW, the largest ever for Lunar New Year, will be invested in these discount supports.

Reducing Living Expenses Burden for Vulnerable Groups... Public Utility Discounts + Increased Winter Energy Voucher Amounts

As the government pursues a policy of gradual normalization of electricity and gas rates this year, it plans to provide an additional 118.6 billion KRW in support to about 3.4 million households including persons with disabilities, basic livelihood security recipients, and near-poverty groups, considering the increased burden on vulnerable groups. For welfare discount households, the electricity rate before the increase will be applied for one year up to the average monthly usage (313 kWh), and this year's rates will apply only to usage exceeding the average. For example, a basic livelihood security recipient using 313 kWh per month would normally pay 35,727 KRW, but with this support, the payment decreases by 11.5% to 31,627 KRW.

Gas rates are frozen for the first quarter, but the government plans to expand discounts for vulnerable households to reduce their burden. Considering rising energy costs, the energy voucher amount will increase from 185,000 KRW last year to 195,000 KRW this year. The kerosene voucher amount, which supports vulnerable households such as child-headed and single-parent families among livelihood and medical benefit recipients, will be significantly raised from 310,000 KRW to 641,000 KRW. For 50,000 households using briquettes, coupons will be additionally supported up to 546,000 KRW, reflecting actual demand (1,200 briquettes).

The government will lower the sales price of government rice for basic livelihood security recipients, near-poverty groups, and basic livelihood security facilities, and expand the agricultural food voucher target from 28,000 households to over 48,000 households, easing the burden of food purchases for vulnerable groups.

Additionally, the target for lifelong education vouchers for low-income groups will be expanded from 30,000 to 60,000 people, and 3,000 disabled users will be newly included. The Cultural Nuri Card, which supports cultural, tourism, and sports activities for low-income groups, will be automatically recharged before the holiday for those maintaining eligibility (110,000 KRW per person annually).

The minimum support amount for meals for children at risk of food insecurity will increase by 14.3%, from 7,000 KRW to 8,000 KRW per meal. Heating costs for senior centers (320,000 KRW → 370,000 KRW per month) and rice support amounts (350,000 KRW → 420,000 KRW annually) will also be raised.

39 Trillion KRW in Funds Supplied to SMEs and Small Business Owners Before and After the Holiday... Support for Wage Arrears Workers

To support smooth cash flow for small and medium enterprises (SMEs) and small business owners, about 39 trillion KRW in market funds (loans and guarantees) will be supplied. To mitigate credit risk from accounts receivable sales by SMEs, 1 trillion KRW in accounts receivable will be insured, and small business owners in traditional markets will receive up to 10 million KRW per individual and store for purchasing seasonal products during the two months before Lunar New Year.

Early payment of construction fees will be guaranteed, and special provisions for national and local government contracts will be extended until June this year to support SME bidding. Extensions for VAT final filing deadlines will be actively approved for SMEs and micro-businesses facing management difficulties, with a maximum re-extension of nine months if financial constraints persist, providing tax administration support.

To prevent wage arrears among vulnerable workers, on-site guidance will be strengthened, and rapid payment of advance funds will help stabilize the lives of workers with unpaid wages. In cases of collective wage arrears, the Wage Arrears Clearance Task Force (local labor offices) will be dispatched, and the simplified advance payment period for existing arrears will be shortened from 14 days to within 7 days. Applications for earned income tax credits and child tax credits will be promptly reviewed and paid early by the 20th. The interest rate on emergency livelihood loans (1.5%) for low-income workers will be temporarily frozen this month.

Toll Fees Waived During Holiday Period Including Substitute Holidays... Free Parking at Public Institutions

From midnight on the 21st to midnight on the 24th, vehicles traveling on expressways will be exempt from toll fees. Parking lots of local governments and public institutions will be open free of charge during the holiday period. Transportation capacity will be increased for metropolitan subway systems (until 2 a.m. the next day, based on terminal stations) and buses (normal late-night operation). Twenty-two palaces and royal tombs, including Gyeongbokgung Palace, will be open free of charge.

To enhance convenience in using traditional markets, the purchase limits for Onnuri gift certificates will be expanded throughout January: paper certificates from 500,000 KRW to 700,000 KRW, mobile certificates from 700,000 KRW to 1,000,000 KRW, and card certificates from 700,000 KRW to 1,000,000 KRW. The discount rate for card certificates will also increase from 5% to 10%.

An integrated reporting system for lost and abandoned pets will be established and operated during the holiday period, along with an emergency animal hospital information service. A special collection system will be set up and operated to prevent the accumulation of household waste and ensure timely collection.

To prevent accidents such as cold waves and wildfires, which frequently occur in winter, 329 drones for monitoring and other wildfire prevention equipment will be expanded, and wildfire prevention task forces will be established in over 300 institutions nationwide.