The Ministry of SMEs and Startups said it will extend the win-win payback program, which was initially set to run through November, to December to spread the year-end consumption boost.
The win-win payback program provides a refund of 20% of the increase, up to a maximum of 100,000 won per month, in digital Onnuri gift certificates to people age 19 and older if their monthly card spending from September to November exceeds their average monthly spending last year. A total of 14.1 million people applied from Sept. 15 to the 24th of this month. By Nov. 15, 643 billion won had been paid to a total of 10.89 million people in two rounds for spending increases in September and October, and the increase in November spending will be paid on the 15th of next month.
Originally, the win-win payback program was to end in late November, but since December sees high annual card spending and the economy has recently shown signs of recovery, the program will be extended by one month to spur consumption through the year-end.
However, considering the remaining budget, the payback for the increase in December spending will be reduced from the current maximum of 100,000 won to 30,000 won and will be paid on Jan. 15 next year. For people who apply for the first time in December, whether to pay within 10,000 won per month for increases in spending from September to November will be decided depending on the execution status of the December payback. People who have not yet participated can apply on the win-win payback website until midnight on Dec. 31.
Kim Jeong-ju, director general for small business policy at the Ministry of SMEs and Startups (MSS), said, "We hope the extension of the win-win payback program will continue to spread consumption and warm the hearts of small and micro business owners."