Icheon-si to Increase Local Currency Incentive from 7% to 10% Next Month

Franchise Store Sales Criteria Relaxed from 1 Billion to 1.2 Billion Won or Less

Icheon City in Gyeonggi Province will expand incentives to revitalize local currency and relax sales criteria for merchant registration.

On the 5th, Icheon City announced that it plans to increase the current 7% incentive for the local currency 'Gyeonggi Icheon Sarang' to 10% in September to promote its use.

The local currency incentive is the discount rate applied when consumers purchase local currency. For example, if a 10% incentive is applied when purchasing 200,000 KRW worth of local currency, the consumer can buy it for 180,000 KRW, which is 20,000 KRW less.

Along with this, from this month, the annual sales criterion for registering as a local currency merchant has been raised from the previous 1 billion KRW or less to 1.2 billion KRW or less. This is a follow-up measure after the Gyeonggi Province Local Currency Deliberation Committee recently decided to realistically raise the annual sales limit by reflecting the inflation rate over the past five years.

The places where local currency can be used will also be expanded. The 'childbirth encouragement fund' provided through local currency can now be used at Hanaro Mart, and the 'postpartum care expenses' can be used at any postpartum care center within Gyeonggi Province without restrictions on region or sales amount.

Next month, the city plans to hold a consumer support coupon event to support small business owners struggling due to the consumption downturn. Meanwhile, small business owners wishing to register as merchants can contact the Icheon City Job Policy Division Small Business Support Team.

Kim Kyung-hee, mayor of Icheon City, said, "We will continue to implement various support measures that citizens and small business owners, who are struggling with high interest rates and high prices, can feel."