Gov’t unveils economic relief plan for Chuseok Holiday

During the Chuseok holiday, shoppers can save up to 60% on apples, pollock, and more at supermarkets and online stores. Additionally, the tax deduction rate for purchases made with credit cards and spending at traditional markets will be doubled for the second half of the year. Domestic travelers can enjoy free airport parking, and highway tolls will be waived during the holiday period.

These measures are part of the Ministry of Economy and Finance's plan to stabilize the economy and boost consumption during Chuseok, as announced on Wednesday. To help reduce the cost burden, the government will allocate 70 billion won to support discounts and increase the supply of Chuseok specialty items. This will result in discounts of up to 50% on agricultural products such as apples, pears, and cabbages, and up to 60% on seafood such as seaweed, pollock, and mackerel. The specific discount period, items, and rates will vary by retailer, with Lotte Mart, Hanaro Mart, NS Mall, and Empest offering the most significant discounts on agricultural products. Shoppers can save up to 20,000 won per week, depending on the retailer. To meet holiday demand, an additional 170,000 tons of vital agricultural products will be supplied from stockpiles.

The government is also taking steps to boost domestic tourism and travel. During the Chuseok holiday, from September 14 to 18, airport parking fees for domestic flights will be waived. Travelers using domestic passenger ships will be exempt from tolls and parking fees at coastal terminals. Additionally, expressway tolls will be waived from September 15 to 18.

To further encourage domestic travel, the government will distribute 500,000 accommodation coupons for use outside of major cities until the end of November. Additional discounts on accommodation may be offered in collaboration with local governments. The domestic travel support program, which provides 200,000 won in travel expenses for employees of small and medium-sized enterprises, will expand to include 50,000 more participants. The Blue House will also be open for nighttime visits from September 14 to 18.

Support is also being provided to small businesses, particularly those hit hardest by the ongoing domestic demand slump. The electricity subsidy that was given to self-employed businesses with annual sales of 60 million won or less will also be provided to those with annual sales of 140 million won.

Until September 13, traditional market vendors can access low-interest loans to purchase seasonal goods. These loans are facilitated through market merchant associations recommended by local governments, allowing them to borrow up to 200 million won interest-free. This money can then be loaned to individual vendors and stores, with amounts up to 10 million won. Additionally, the government will offer loans and guarantees worth 43 trillion won to small and medium-sized enterprises.


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