Sales Cap Raised from 1 Billion to 1.2 Billion KRW
Expansion of Postpartum Care Expense Usage
Osan City in Gyeonggi Province announced on the 20th that it has raised the annual sales limit for merchants affiliated with the local currency 'Osaekjeon' from the previous 1 billion KRW to 1.2 billion KRW starting this month.
This adjustment follows the decision by the Gyeonggi Province Local Currency Deliberation Committee in June to revise the annual sales limit reflecting the inflation rate over the past five years. Accordingly, businesses wishing to register as Osaekjeon affiliated merchants with annual sales exceeding 1 billion KRW but not exceeding 1.2 billion KRW can submit a value-added tax standard certificate and total business registration details to verify their annual sales and register as Osaekjeon merchants.
The restrictions on the use of postpartum care expenses, which are provided as birth encouragement policy allowances, have also been eased. Previously, postpartum care expenses could only be used at businesses with annual sales of 1 billion KRW or less in the respective area, but from now on, they can be used anywhere within Gyeonggi Province without any sales limit.
A city official expressed hope that "this measure will enhance the economic vitality of small business owners and provide consumers with a variety of choices, contributing to the revitalization of the local economy."
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