Discount Increased from 10% Through Year-End
Easing Financial Burden and Boosting the Local Economy Expected
Yeosu City, South Jeolla Province (Mayor Chung Kimyung), announced that starting from September 19 and running through December, the discount rate for the card-type Yeosu Love Gift Certificate (Seomseom Yeosu Pay) will be temporarily increased from the current 10% to 13%.
This increase in the discount rate is in line with the government's higher national subsidy rate and aims to ease the financial burden on households amid high inflation, stimulate local consumption, and boost sales for small business owners. The total issuance volume until the end of the year is set at 35.5 billion won.
In September and October, 10 billion won will be issued each month ahead of the Chuseok holiday, followed by 7.7 billion won in November and 7.8 billion won in December.
The September issuance will be available for purchase from 9:00 a.m. on the 19th, and from October onward, sales will begin at 9:00 a.m. on the first day of each month. The monthly purchase limit per person, combining both paper and card types, is 500,000 won, with a holding limit of 1 million won. The paper-type certificate will maintain the existing 7% discount rate, and up to 300,000 won can be purchased per month.
Mayor Chung Kimyung stated, "With this increased discount rate, we hope to ease the burden of rising prices for citizens ahead of the Chuseok holiday, restore consumer sentiment, and contribute to revitalizing the domestic economy and the local community."
Meanwhile, in August, Yeosu City offered a special 20% discount on card-type gift certificates, resulting in a 127% increase in usage compared to the same period last year, which had a positive effect on boosting local consumption and increasing sales for small business owners.
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