Korea unveils Lunar New Year livelihood support package

[Photo by Yonhap]

The South Korean government on Tuesday unveiled measures aimed at providing livelihood support during the Lunar New Year holiday. They include remote medical services, retail discounts, and financial services.

The comprehensive support package for Lunar New Year was unveiled during an emergency economic cabinet meeting presided over by Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok.

In the health and medical sector, non-face-to-face consultations will be allowed for all citizens during the Lunar New Year holiday between February 9 and 12, easing the regulation that limits remote medical services only to patients with prior consultations. Medical prescription services will also be available.

To reduce the burden of preparing for ancestral rites, price cuts will be implemented for agricultural and marine products, including apples and pears, whose prices have risen significantly recently. The discount rate will be up to 60 percent, with 30 percent government support and up to 30 percent industry-specific discounts combined.

A maximum of 45,000 tons of Asian cabbages and radishes will be released from stock and 1.12 million imported fresh eggs will be supplied. Discounts of up to 30 percent will be applied to seafood such as pollack and mackerel as well as a stockpile of sea salt. The government’s seafood discount support rate has also been increased to 30 percent from 20 percent.

Starting from Saturday, the monthly purchase limit for traditional market vouchers will be increased to 2 million won ($1,495), up by 500,000 won.

The total issuance of the vouchers for this year will be expanded to 5 trillion won from 4 trillion won.

For small business owners with annual sales of 30 million won or less, 200,000 won in electricity bill support will be provided per person.

For 400,000 small business owners who have taken out loans from the non-banking financial sector, interests of up to 1.5 million won will be refunded. To support liquidity for the holiday season, a total of 39 trillion won in new loans and guarantees will be supplied to small businesses and medium-sized enterprises.

The delayed increase in electricity bills for 3.65 million vulnerable households will be extended for another year.

During the Lunar New Year holiday period, including the substitute holiday, all toll fees on expressways will be waived.