Announcement of Public Livelihood Stabilization Measures at the Ministerial Meeting on Economic Affairs on the 27th
Onnuri Gift Certificate Refund Program Expanded to 33 Billion Won
Loan Maturities Extended by One Year to Ease the Burden on Small Business Owners
Ahead of the Lunar New Year holiday, the government will release 270,000 tons of key holiday goods such as apples and pork into the market to ease the burden of grocery prices. To lower the prices of agricultural, livestock, and marine products sold at large supermarkets and other outlets, the government will inject 91 billion won in subsidies. Both measures represent the largest scale ever. The budget for the event that refunds up to 20,000 won in Onnuri gift certificates for purchases at traditional markets has also increased to 33 billion won. In addition, highway tolls will be waived during the holiday period from February 15 to 18, and KTX discounts will be offered to reverse homecoming passengers.
On the 2nd, a merchant at Garak Agricultural and Marine Products Wholesale Market in Songpa-gu, Seoul, is displaying fruits. Photo by Yongjun Cho jun21@
On January 28, Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-chul presided over the 'Ministerial Meeting on Economic Affairs and Public Livelihoods,' where the government announced these measures for stabilizing public livelihoods during the Lunar New Year. To stabilize grocery prices, the government will supply a record 270,000 tons of 16 major holiday goods, including napa cabbage, apples, and pork. Additionally, 91 billion won in government discount subsidies will be provided to lower the prices of key goods such as mackerel and radish sold at large retailers by up to 50%.
The scale of the event offering Onnuri gift certificate refunds of 10,000 to 20,000 won for purchases of agricultural, livestock, and marine products at traditional markets will also increase to 33 billion won this year, up from 27 billion won last year. The number of participating markets, based on agricultural and livestock products, will rise from 160 to 200. A Ministry of Economy and Finance official stated, "To make it more convenient for consumers to receive refunds, we will operate integrated booths for agricultural, livestock, and marine products and introduce a mobile queue system."
Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-chul is speaking at the Ministerial Meeting on External Economic Affairs held at the Government Complex Seoul in Jongno-gu, Seoul on January 26, 2026. Photo by Jo Yongjun
For four agricultural and marine products-mackerel, bananas, pineapples, and mangoes-the government will apply quota tariffs to induce price declines. Quota tariffs are a system that lowers tariff rates on specific imported goods to stabilize prices. In addition, joint public-private on-site inspections will be conducted to prevent price gouging, and investigations into collusion in essential goods such as sugar (to be reviewed in February) and flour (to be completed by March) will be expedited.
To ease the burden on small business owners and SMEs, the government will provide a record 39.3 trillion won in holiday funds. The maturity of loans and guarantees totaling 58 trillion won will be extended by one year. The processing period for wage arrears payments made by the government on behalf of employers will also be reduced from 14 days to 7 days. The 'Culture Nuri Card,' which allows vulnerable groups to access cultural, tourism, and sports activities, will begin new issuances before the holiday.
Finally, to revitalize local economies, local governments will issue 4 trillion won worth of local gift certificates during January and February. During these two months, travel expenses for 50,000 workers at SMEs and other companies will be subsidized, with up to 50,000 won in additional support during the holiday period, and various transportation and leisure facility fees will be waived. For the general public, highway tolls will be waived from February 15 to 18, and KTX passengers traveling in the reverse direction will receive discounts of 30% to 50%. Meanwhile, to attract Chinese tourists during the Chinese New Year (Chun Jie), the government plans to intensively promote tourism packages linked to direct flights and cruises in cooperation with Chinese travel platforms.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
