Boosting Consumption and Revitalizing Local Economy... December Individual Payment Limit Set at 700,000 Won
Yangsan City in Gyeongnam Province is increasing the individual cashback payment limit from 500,000 KRW to 700,000 KRW in December due to the worsening local economic situation caused by political turmoil.
This year, the Yangsan Love Gift Certificate cashback limit has been set at 500,000 KRW per month, but during this special points period (12.12.?12.31.), the payment limit will be raised to 700,000 KRW while maintaining the same payment rate. For reference, next month, January, which is the Lunar New Year holiday month, will offer a 10% payment rate with a monthly limit of 500,000 KRW.
This livelihood stabilization measure aims to minimize uncertainties such as local economic recession and public anxiety caused by the prolonged high inflation and consumption contraction, as well as the aftermath of the emergency martial law. By increasing the cashback for the Yangsan Love Gift Certificate in December, the city seeks to alleviate citizens’ financial burdens, stabilize prices, and revitalize the local economy through promoting domestic consumption.
The total issuance scale of the Yangsan Love Gift Certificate in 2024 will be 200 billion KRW, the largest among local governments in Gyeongnam. As of the end of November, the issued amount reached 169.1 billion KRW, and the redemption amount was 168.5 billion KRW, recording a redemption rate of 99%. This indicates that most of the money charged onto the Yangsan Love Card by citizens is being used, playing a significant role in the flow of funds within the region.
Mayor Na Dong-yeon stated, “In the ongoing economic downturn and amid recent economic instability factors such as the emergency martial law situation, we will actively pursue various support measures to promote year-end and New Year consumption within the region, protect small business owners, and restore the domestic economy.”
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