Choo Kyung-ho (L), floor leader of the ruling People Power Party (PPP), greets Finance Minister Choi Sang-mok, who doubles as the deputy prime minister for economic affairs, during a government-PPP meeting on the 2025 budget bill at the National Assembly in Seoul on Aug. 20, 2024. (Image courtesy of Yonhap)
SEOUL, Aug. 24 (Korea Bizwire) — The government and the ruling party agreed Tuesday to set aside a record budget to issue discount coupons for small businesses next year to boost spending and revitalize the economy.
During a meeting between senior government officials and the People Power Party at the National Assembly, the two sides agreed to issue a record 5.5 trillion won (US$4.14 billion) in “Onnuri” gift certificates, which offer discounts for goods at traditional markets and small shops.
They will also ease the number of restricted business types eligible for the coupons from the current 40 to 28.
At the meeting, both sides also agreed to consider cutting commission fees for electronic kiosks for small businesses and the self-employed.
For families with two or more children, they consented to provide up to 6 million won in subsidies for purchasing electric vehicles (EV) and to raise the discount rate for public transportation passes to up to 50 percent for those with three children.
In addition, they agreed to increase the distribution of EV chargers with fire prevention functions to 90,000 units in response to the recent surge in EV fires and to allocate additional budget for purchasing unmanned water cannons and other equipment.
(Yonhap)
