Golden Apples and Pears Up to 60% Off... Government to Invest 84 Billion Won

Ahead of the Lunar New Year, the government is pouring a total of 84 billion KRW in discount subsidies to reduce the prices of seasonal items such as apples, beef, chicken, and eggs by up to 60%. Although the government provides discount support for Lunar New Year seasonal products every year, this year the support rate has been raised to a record high of 30%, and the amount of subsidies has more than doubled compared to last year (30 billion KRW).

On the 16th, Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, announced these measures as part of the government's joint Lunar New Year livelihood stabilization plan.

According to the Citrus Shipping Association, the wholesale price of Jeju open-field tangerines has surged by about 50% compared to January last year, averaging 14,000 won per 5kg this month. On the 10th, a customer visiting the Hanaro Mart Yangjae branch in Seocho-gu, Seoul, is looking at tangerines. Photo by Kang Jin-hyung aymsdream@

The government is raising the discount support rate for agricultural, livestock, and fishery products, which was around 20% annually, to 30% for the first time. The government discount support system for agricultural, livestock, and fishery products is a scheme where the government supports discounts based on the industry's own discounts, and when combined with the industry's discounts, it is expected to achieve a maximum discount effect of up to 60%. Discounted items include major seasonal products such as napa cabbage, radish, apples, pears, beef, pork, chicken, and eggs. Seafood such as mackerel and squid will also be discounted by up to 60%.

One particularly notable aspect is that limits are applied on a weekly basis by purchase location and discount event, allowing consumers to repeatedly benefit. For example, a consumer can receive a 20,000 KRW discount at Lotte Mart in the second week of January and then receive another 20,000 KRW discount at a different supermarket. If they received a discount at Lotte Mart in the second week, they can receive it again in the third week.

The supply of fruits during the Lunar New Year period will be increased to over 120,000 tons through contract cultivation volumes of apples and pears and shipments from the NongHyup. NongHyup fruit gift sets will be sold at up to 20% discount for 100,000 sets, expanding supply. Distribution companies will hold discount events for imported fruit quota tariff volumes, and holiday gifts will be substituted with major fruits such as Shine Muscat grapes and ginseng. The government will import 30,000 tons of chicken, 5,000 tons of processed egg products before the Lunar New Year, and supply 1.12 million imported fresh eggs to stabilize egg prices.

The number of traditional markets participating in the Onnuri gift certificate refund event, which returns 30% of the purchase amount, will increase from 104 to 189, and the monthly individual purchase limit for Onnuri gift certificates will be permanently raised to 500,000 KRW. The monthly cash exchange limit for Onnuri gift certificate affiliated stores will be expanded for the first time, and an automatic discount system for agricultural and livestock credit cards (NH Card) will be introduced for the first time. Mobile gift certificates for the elderly will also be sold separately.

The specific support schedule for small business owners has also been finalized. In the previous economic policy direction, the government announced support of 200,000 KRW in electricity fees for 1.26 million small merchants and the establishment of low-interest refinancing loans for small business owners, all of which will begin accepting applications next month. Small business owners who have taken out loans from secondary financial institutions, totaling 400,000 people, will be able to receive interest refunds of up to 1.5 million KRW around the end of March. Additionally, for 3.65 million vulnerable households, the government will re-postpone the electricity rate increases scheduled for January and May last year, easing the burden by a total of 290 billion KRW.

Including substitute holidays, highway tolls will be waived throughout the entire Lunar New Year holiday period (February 9?12), and 4.052 billion KRW in veterans’ benefits will be paid early on February 8, just before the holiday, to 420,000 veteran families. Information on medical institutions and pharmacies open during the Lunar New Year holiday will be provided, and non-face-to-face medical consultations will be allowed nationwide even for those without prior face-to-face consultation experience. Taking advantage of the designation of next month as the "Travel Month," 200,000 accommodation coupons for non-metropolitan areas will be distributed sequentially starting next month, and the worker vacation support program will recruit 150,000 participants. Foreign tourists from five countries including China will receive a 20% discount when using mobile payments, promoting domestic tourism by foreigners.