Apples are on display for sale at a traditional market in Seoul on Sept. 1.YONHAP
Discounts of up to 50 percent will be available on agricultural, livestock and fishery products ahead of the Chuseok holiday later this month, the government announced Tuesday.
The government will first supply 183,000 tons of 19 key holiday food items — 1.6 times the usual amount — to meet increased demand during the holiday season, according to a policy package aimed at easing households’ financial burden ahead of Chuseok that was unveiled at Tuesday’s Cabinet meeting.
Chuseok is the Korean harvest festival and one of Korea's two most important holidays alongside the Lunar New Year.
Specifically, the state authority will release 18,000 tons of vegetables, including baechu (napa cabbage) and mu (radish), which is equivalent to 1.9 times the usual volume. It will also release 32,000 tons of fruit, including apples and pears, more than three times the normal level.
Volumes of livestock products slaughtered and shipped will increase 1.3-fold from normal levels, while egg supplies will rise to 2.4 times the usual amount. The government will also release 20,000 tons of stockpiled fishery products, including mackerel, pollock and squid, at prices up to 40 percent below market rates.
The government will spend a record 103 billion won ($75 million) on discount programs. The subsidies will allow consumers to buy agricultural and livestock products at discounts of up to 40 percent and major fishery products at discounts of up to 50 percent, both online and offline.
Consumers shop for food products at a traditional market in Dongdaemun District, eastern Seoul, on Sept. 1.NEWS1
A total of 300 traditional markets will take part in rebate programs for agricultural and livestock products, and another 300 for fishery products from Sept. 16 through 20.
Shoppers who spend at least 34,000 won at participating markets will get 10,000 won back in Onnuri gift certificates, while purchases of at least 67,000 won will qualify for 20,000 won. Onnuri gift certificates are state-issued vouchers designed to boost local economies and can be used at traditional markets and small businesses, but not at stores operated by large conglomerates.
About 4,700 processed food products, including instant noodles and bread, will also be sold at discounts of up to 64 percent.
Separately, the government will offer a record 43.4 trillion won in loans and guarantees available to small businesses and small- and medium-sized enterprises facing financial strain and cash flow difficulties.
The expiry of 62.4 trillion won in loans and guarantees due during the holiday period will be extended by one year for borrowers in good standing.
The government will more than quadruple policy financing for low-income and vulnerable groups and young people, bringing it to 480 billion won, including through the state-backed “Sunshine Loan” for low-credit borrowers.
The government will also cut interest rates by 0.5 to 1 percentage point on loans for employers to pay overdue wages and for workers awaiting unpaid wages to cover living expenses from September through October.
Funding for households facing medical bills that are excessive relative to their income will also increase to 233.4 billion won from 150.4 billion won.
The package also includes transportation and tourism incentives to boost domestic spending during the holiday.
A connected KTX train-car is seen at Seoul Station in Yongsan District in central Seoul on Sept. 1.NEWS1
Expressway tolls will be waived for four days from Sept. 24 through 27. Fares on some KTX and SRT trains, including services for people traveling from rural areas to major cities, will be discounted by 30 to 50 percent.
KTX fares will also be cut by 10 percent starting in September as part of the integration of Korail and SR. A standard-class ticket from Seoul to Busan will drop from 59,800 won to 54,400 won.
The government will also distribute 80,000 accommodation discount coupons for areas outside the greater Seoul area. Travelers visiting rural and fishing communities in regions facing population decline will receive 50 percent of their spending back in local gift certificates.
Digital Onnuri gift certificates are normally sold at a 7 percent discount, with purchases capped at 1 million won a month. From Sept. 16 through 20, consumers will be able to buy an additional 200,000 won worth at a 10 percent discount.
The government will also toughen penalties for price gouging, a recurring problem during major holidays. Hotels and restaurants that charge more than their posted prices will face immediate suspension of business without a prior warning.
BY NAM SOO-HYOUN [lee.soojung1@joongang.co.kr]
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
