'Chuseok Livelihood Stabilization Measures' to be Released by the End of This Month... Focus on Supply of Vegetables and Seasonal Goods

Cabbage Retail Price per Head 6,159 Won
Release of Reserved Vegetable Stocks and Early Shipment

Time Off System Improvement Plan to be Announced at the End of This Month
Convenience Service Improvement Measures Also Prepared

The government will announce the Chuseok Livelihood Stabilization Measures at the end of this month. The plan will include measures to increase stockpiles and supply to stabilize prices of vegetables and seasonal goods. Specific institutional improvement measures related to the damages caused by TMON and WEMAKEPRICE (Timep) will also be released within this month.

Kim Beom-seok, First Vice Minister of the Ministry of Economy and Finance (first from the right), is speaking at the '44th Economic Vice Ministers' Meeting and Price-Related Vice Ministers' Meeting' held at the Government Seoul Office Building on the 16th. / Photo by Ministry of Economy and Finance

On the 16th, Kim Beom-seok, First Vice Minister of the Ministry of Economy and Finance, presided over the "44th Economic Vice Ministers' Meeting and Price-Related Vice Ministers' Meeting" at the Government Complex Seoul, discussing the promotion plan for the Chuseok Livelihood Stabilization Measures and improvements to daily convenience services. Representatives from related ministries including the Ministry of Education, Ministry of the Interior and Safety, Ministry of Culture, Sports and Tourism, Ministry of Agriculture, Food and Rural Affairs, and Ministry of Trade, Industry and Energy attended the meeting.

Based on the discussions, Vice Minister Kim announced that the "Chuseok Livelihood Stabilization Measures" will be announced at the end of this month. He stated, "For vegetables such as cabbage and radish, whose prices have risen due to heavy rain and heatwaves, we will release stockpiled quantities, support early shipments, and manage supply and demand. The supply of seasonal goods for Chuseok, such as apples and pears, will be expanded beyond normal levels, and discount events will be prepared in cooperation with traditional markets and distribution industries."

According to the Agricultural Products Distribution Information from the Korea Agro-Fisheries & Food Trade Corporation, the retail price per head of cabbage was 6,159 won as of the 14th, maintaining a high price in the 6,000 won range following the 13th (6,000 won). This is an increase of 4.48% compared to the same period last year (5,895 won) and 27.57% compared to the previous month (4,828 won). The government has announced plans to expand the cabbage cultivation area and secure an additional supply capacity of about 1,000 tons, with the possibility of increasing the daily release of stockpiled quantities up to 400 tons if necessary.

The institutional improvement measures related to the Timep incident will be announced at the end of this month. They will include damage recovery plans and draft legal amendments after collecting opinions from the industry and experts. Vice Minister Kim explained, "To address consumer damages in travel, accommodation, and airline ticket sectors, we have completed the acceptance of over 9,000 collective dispute mediation applications by last week," and "considering the demand of affected small and medium enterprises, the Small and Medium Business Corporation's emergency management stabilization fund will be expanded from 30 billion won to 100 billion won."

Measures to improve daily convenience services, aimed at promoting the healthy development and increasing user satisfaction of various new services emerging from lifestyle changes, were also discussed and will be concretized and announced soon. The results of discussions on tasks to improve related laws and systems will focus on areas with high daily demand and increasing accidents and disputes, such as mobility and housing services.

Vice Minister Kim stated, "Given the expanded uncertainties in external conditions such as geopolitical risks including concerns over the spread of conflicts in the Middle East, volatility in raw material prices including oil, and concerns over economic slowdown in major countries," he added, "we will not let our guard down for a moment and will thoroughly prepare for all possibilities through close cooperation among related agencies."