A Pillar for the Local Economy Amid High Inflation
Uijeongbu Sarang Card Offers 35,000 Won Incentive for 500,000 Won Top-Up
On July 1, Uijeongbu City in Gyeonggi Province (Mayor Kim Donggeun) announced that it will increase the discount rate for the local currency, Uijeongbu Sarang Card, from the previous 6% to 7% and raise the monthly purchase limit from 200,000 won to 500,000 won in an effort to revitalize the local economy, which has been dampened by high inflation.
With the increased discount rate, users who charge 500,000 won to their Uijeongbu Sarang Card can receive an incentive of 35,000 won. The city expects that this increase will not only enhance the tangible benefits for citizens, but also help prevent the early depletion of incentives by securing additional budget.
The Uijeongbu Sarang Card is a local currency designed to promote consumption within the region and support small business owners. It offers incentives and year-end tax deduction benefits, earning consistent support from citizens. Currently, it can be used at approximately 16,800 affiliated stores, including restaurants, convenience stores, and traditional markets.
Uijeongbu City plans to continue exploring various measures to respond to high inflation, such as considering a temporary increase of the discount rate to 10% not only during holidays but also at the end of the year, in order to reduce household financial burdens for citizens and boost sales for small businesses.
An official from Uijeongbu City stated, "Raising the discount rate for the Uijeongbu Sarang Card is a measure to enhance the tangible benefits for citizens and invigorate the local economy," adding, "We will continue to do our best to respond to high inflation and support small business owners through various support measures."
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