Paju-si Revitalizes Local Economy Through Livelihood Support Fund Distribution

Usage Rate Reaches 88%, 42.6 Billion KRW Circulated in the Market
Available for Use Until June 30

Gyeonggi Paju City revealed that as of the end of March, approximately 88% of the total amount of the "Living Stability Support Fund for Livelihood Recovery" (hereinafter referred to as the support fund), which was distributed to about 520,000 registered domestic and foreign residents of Paju City before and after the recent Lunar New Year holiday, was spent and settled within the local commercial district. The livelihood support fund payment policy, implemented as part of an "emergency prescription for livelihood stability," is receiving evaluations that it has achieved effectiveness beyond expectations.

Kim Kyung-il, Mayor of Paju City, is inspecting the site of the livelihood recovery and living stability support fund. Photo by Paju City

According to Paju City on the 14th, the support fund, which provided 100,000 KRW per Paju citizen in local currency (Paju Pay), was completed for 483,884 people, accounting for 94.14% of the eligible recipients. As of the end of March, the amount used from the support fund reached 42.6 billion KRW, which is 88% of the total amount distributed. The most preferred sectors for using the support fund were restaurants (26.3%), convenience stores (9.9%), and supermarkets (8.9%), in that order.

Regarding the expected consumption stimulation effect of the livelihood support fund, a particularly notable point is that 8.3 billion KRW, equivalent to 20% of the total amount used, was concentratedly spent during the Lunar New Year holiday period in the fourth week of January. Immediately after the support fund distribution began on January 21, consumption stimulation effects were observed within just ten days, clearly demonstrating the role and significance of the support fund as an emergency measure to overcome the worst livelihood crisis.

Usage Ratio of Subsidies by Industry. Provided by Paju City

Moreover, compared to the same month last year, all indicators related to the activation of Paju Pay usage?including the number of Paju Pay members, the number of affiliated stores, sales, and transaction counts?showed very high growth rates. In particular, sales at affiliated stores increased by 129.2% compared to the previous year, resulting in approximately 46 billion KRW more being spent. The average monthly sales per Paju Pay affiliated store also rose by 114% year-on-year.

Kim Kyung-il, Mayor of Paju City, stated, "As can be seen from various indicators, this support fund distribution has been a much-needed relief for the stagnant local economy," adding, "We will continue to promote practical livelihood recovery policies that citizens can feel under the 'Livelihood All-in (All人)' initiative."