The Democratic Party of Korea and the government, ahead of the Chuseok holiday, unveiled a livelihood stabilization package covering price stability, boosting domestic demand, financial support for small business owners, and public safety. They will supply holiday-demand items such as apples, pears, and napa cabbage at the largest scale ever, and provide 4.3 trillion won in holiday funds for small business owners and small and midsize enterprises.
On the 15th at the National Assembly after a party-government consultation on the "Chuseok livelihood stabilization measures," Han Jeong-ae, the Democratic Party policy committee chair, said, "The party and the government shared the view that, after the launch of the new administration, we should further strengthen policy efforts so that the economic recovery, which is slowly reviving due to the effects of the supplementary budget and other policies, can spread to the front lines of people's livelihoods."
Specifically, the government will increase the supply of key holiday-demand items to 172,000 tons, the largest ever. It will raise supply volumes to three times the usual for apples and pears, four times for chestnuts, and 18 times for napa cabbage. It will additionally supply 25,000 tons of government rice and provide it to vulnerable groups at a 20% discounted price (8,000 won per 10 kg). The party and the government also decided to simultaneously crack down on unfair practices such as price gouging.
To ease the livelihood burden on vulnerable groups and small business owners, the scale of funding support will also be expanded. Holiday funds for small business owners and small and midsize enterprises will total 4.32 trillion won, the largest ever. The interest rate on loans to support the settlement of unpaid wages will be temporarily reduced, and business sites at risk of wage arrears will be intensively inspected. The Financial Services Commission also plans to purchase and write off long-term delinquent debt from vulnerable borrowers and to expand debt restructuring.
As a measure to stimulate domestic demand, 150,000 lodging coupons will be issued for special disaster areas, and the "Traveling in autumn" campaign will offer discounts of up to 50%. National museums, art museums, and national heritage facilities will be open free of charge during the holiday. From Oct. 4 to 7, highway tolls will be waived for four days, and return-to-hometown tickets on KTX and SRT will be sold at a 30% to 40% discount.
The Ministry of Employment and Labor will run a six-week intensive period to clear unpaid wages before the holiday and will strengthen on-site inspections in sectors vulnerable to industrial accidents. The Ministry of Oceans and Fisheries will promote seafood discount events and fee waivers at passenger ship terminal parking lots, and the Ministry of Culture, Sports and Tourism will seek to boost local consumption by expanding culture and tourism coupons and linking tourism events to the Asia-Pacific Economic Cooperation (APEC) forum.
As the use of the second round of people's livelihood recovery consumption coupons, to be distributed starting on the 22nd, expands, the party and the government decided to bolster preparations in advance to avoid confusion on the ground.
In addition, the government will strengthen safety management during the holiday period. It will operate an emergency system to prepare for various accidents and will run protection services for vulnerable groups such as homeless people and undernourished children without gaps.