Government Unveils Comprehensive Lunar New Year Measures to Stabilize Livelihoods
– 27 Million Tons of Holiday Goods Supplied, Discounts of Up to 50%, and KRW 39 Trillion in Support for Small Businesses
The government has unveiled a comprehensive package of measures ahead of the Lunar New Year holiday, aimed at stabilizing prices and easing the burden on households. The plan includes a record expansion of holiday goods supply, large-scale discounts on agricultural and fisheries products, and extensive financial support for small businesses and SMEs.
On the 28th, the government finalized and announced the Lunar New Year livelihood stabilization measures at the Economic Ministers’ Meeting and the Ministers’ Meeting on People’s Livelihoods, chaired by Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol, at the Government Complex Seoul.
To stabilize prices of key holiday goods, the government will increase the supply of 16 major seasonal items to 270,000 tons—1.5 times the usual level and the largest amount ever. Supplies of napa cabbage and radish will be expanded to 11,000 tons, 1.9 times the normal volume, while apples and pears will be increased 5.7-fold to 41,000 tons. Rice supplies will also be adjusted through market stabilization measures.
For livestock products, a total of 122,000 tons—including 104,000 tons of beef and pork and 18,000 tons of chicken and eggs—will be supplied, 1.4 times the usual level. In fisheries, 90,000 tons of widely consumed fish such as pollock and mackerel will be released. Of this amount, 13,000 tons of government stockpiled seafood will be directly supplied to supermarkets and traditional markets and sold at prices up to 50% lower than market rates.
Discount support will also reach a record high. The government will allocate KRW 91 billion to price discounts, allowing consumers to purchase agricultural and livestock products at discounts of up to 40% and fisheries products at discounts of up to 50%. The per-person discount cap will be temporarily doubled from KRW 10,000 to KRW 20,000. To revitalize traditional markets, the scale of Onnuri gift certificate refunds for purchases of domestically produced agricultural and fisheries goods will be expanded compared to last year.
Measures to ease the burden on households will be reinforced through financial and welfare support. Over the two months before and after the Lunar New Year, the government will supply KRW 1.1 trillion in policy financing for low-income households, vulnerable groups, and young people. Support for the resolution of wage arrears and the early payment of earned income and child tax credits will also be strengthened. In addition, more than 830,000 people will be rapidly hired through direct job programs, including senior employment initiatives, by the end of this month.
Support for small businesses and SMEs will be expanded to an unprecedented scale. The government will supply KRW 39.3 trillion in new funding and will defer principal repayments and extend maturities by one year for loans and guarantees totaling KRW 58 trillion that are set to mature next month. In addition, 2.3 million small merchants with annual sales of less than KRW 104 million will receive a management stabilization voucher of KRW 250,000 per person.
Measures to boost domestic consumption will also be implemented. During the Lunar New Year holiday period, highway tolls nationwide will be fully waived, and return-trip KTX and SRT fares will be discounted by up to 50%. Public parking lots and cultural and tourism facilities will be opened free of charge, while the issuance of local gift certificates will be expanded.
To ensure public safety, the government will operate a 24-hour emergency management system throughout the holiday period, focusing on transportation, emergency medical services, and industrial safety. Special inspections will be conducted on fire-prone and industrial accident–vulnerable facilities, along with intensified checks on food safety and country-of-origin labeling.
The government stated that it will “concentrate all policy efforts on stabilizing prices and supporting livelihoods in ways that the public can tangibly feel ahead of the Lunar New Year,” adding that it will “ensure swift implementation and on-site inspections to deliver real results.”
