FKCCI "Welcomes Increase in Chuseok Agricultural, Livestock, and Seafood Gift Limit... Will Help the Economy"

[Asia Economy Reporter Ki-min Lee] The Federation of Korean Industries (FKI) announced on the 10th that it welcomes the government's decision to temporarily raise the gift limit for agricultural, livestock, and fishery products under the Improper Solicitation and Graft Act (Kim Young-ran Act) during the Chuseok holiday.

Yoo Hwan-ik, head of the FKI Corporate Policy Office, said on the same day, "The business community welcomes the National Rights Commission's decision to temporarily ease the Kim Young-ran Act."

He added, "This measure is timely as the government has flexibly applied the Kim Young-ran Act to actively respond to the severely depressed domestic demand caused by COVID-19," and "It is expected to help not only farmers struggling with typhoon damage but also the Chuseok economy, which could otherwise shrink due to the prolonged COVID-19 pandemic."

Earlier, the government announced that from today until October 4, the gift limit for agricultural, livestock, and fishery products under the Kim Young-ran Act will be temporarily raised from the existing 100,000 won to 200,000 won during the Chuseok holiday period. This is intended to support the agricultural, livestock, and fishery industries affected by the novel coronavirus disease (COVID-19) and to revive the sluggish domestic economy.

Under the current Kim Young-ran Act, the limits for food, gifts, and congratulatory or condolence money are set at 30,000 won, 50,000 won, and 50,000 won respectively. However, the gift limit for agricultural, livestock, and fishery products is 100,000 won.

This content was produced with the assistance of AI translation services.