Ministry of the Interior and Safety Provides Budget Support to Revitalize Good Price Businesses

Total Support of 5.2 Billion KRW Including National Funding

[Asia Economy Reporter Kiho Sung] The Ministry of the Interior and Safety announced on the 14th that it will support a total of 5.2 billion KRW, including national funds, to revitalize Good Price Stores nationwide for stabilizing the livelihood of the public amid severe difficulties caused by rising prices.

The Good Price Store system is a program designated and operated by the Ministry of the Interior and Safety and local governments since 2011 to induce price stability in personal service fees. Selection is made comprehensively considering price, hygiene cleanliness, employee friendliness, and public interest.

[Image source=Yonhap News]

In addition to the benefits that Good Price Stores have received through local government ordinances and other self-support measures, this year, 1.5 billion KRW of national funds will be provided for the first time to Good Price Stores that strive for price stabilization.

Especially, starting this year, costs will be supported for all Good Price Stores nationwide, including 24 local governments that did not receive support last year, and the support amount will be significantly expanded from an average of 450,000 KRW per store annually to 850,000 KRW.

Local governments are also participating in regional price stabilization by providing various benefits to Good Price Stores that maintain low prices despite the economic downturn and high inflation.

Choi Byung-kwan, Director of the Local Finance and Economy Office at the Ministry of the Interior and Safety, stated, “In the current situation where price stabilization is more important than anything else, support for Good Price Stores for regional price stabilization is expected to encourage regional economic revitalization,” adding, “We will continue to cooperate with local governments so that through the revitalization of Good Price Stores, local merchants and consumers coexist and the livelihood of ordinary people is stabilized in this era of high inflation.”