Busan Mayor Park Hyung-jun's 'First Approval' Becomes Reality... Dongbaekjeon Cashback, Issuance, and Recharge Limits Raised

'COVID-19 Crisis Small Business Support Measures'

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The monthly cashback payment limit for Dongbaekjeon, the local currency of Busan, will be expanded from the existing 30,000 won to 50,000 won starting at 9 a.m. on the 2nd.

The individual monthly recharge limit for Dongbaekjeon will also be raised from 300,000 won to 500,000 won, and the monthly issuance limit will be expanded from 100 billion won to 140 billion won.

In accordance with the pledge of Busan Mayor Park Hyung-jun, this policy is being implemented to expand the issuance scale of Dongbaekjeon, one of the support measures for small business owners during the COVID-19 crisis, which was the first payment.

Busan City reflected this in the supplementary budget in preparation for the revival of consumption activities that had been subdued due to the increase in COVID-19 vaccination rates and the easing of social distancing measures. Additional city funds have been allocated to immediately expand the program to invigorate the local economy through Dongbaekjeon.

Starting in the second half of the year with this cashback benefit expansion, the city plans to promote various benefits to revitalize local currency, such as ▲additional cashback payments (15%) at traditional markets during specific periods like the Chuseok holiday ▲development of specialized products.

Busan Mayor Park Hyung-jun said, “Vaccinations are progressing rapidly to overcome COVID-19, and citizens’ healthy return to daily life is approaching,” adding, “We hope that the expansion of Dongbaekjeon issuance will help small business owners, neighborhood markets, and traditional markets regain vitality.”

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