Government to Start 'Cashback' Payments from November 15

Ministry of Economy and Finance to Hold Fiscal Management Review Meeting on the 29th

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The government will start cashback payments for card usage in October on November 15.

Ando Geol, Vice Minister of Strategy and Finance, held a fiscal management inspection meeting at the government Sejong office on the 29th and stated, "The Win-Win Consumption Support Fund has completed preparations for execution, including the establishment of an integrated card company system, and the opening of call centers and web pages for business guidance and promotion."

The government will provide a 10% cashback on the excess amount if the card usage in October and November exceeds the average monthly usage in the second quarter (April to June) by more than 3%. The support fund can be used until June 30 next year. Amounts spent at large marts, department stores, and major online malls such as Coupang, Gmarket, and Auction are excluded from the usage performance.

The Win-Win National Support Fund, which provides 250,000 KRW per person to the bottom 88% income bracket, has been paid to 40.6 million people, totaling 7.9 trillion KRW (91.7%). Regarding this, as of 6 p.m. on the 23rd of this month, 195,000 objections have been received through the online National Petition.

Vice Minister An said, "For objections arising from errors due to failure to update information on eligibility, such as changes in household composition and correction of standard income for regional insured persons, if there is reasonable grounds, we will actively accept them, and unclear parts will be interpreted and reviewed in favor of the people to provide maximum relief."

The Small Business Hope Recovery Fund has been paid to 1.79 million people, totaling 3.9 trillion KRW (92.4%). Regarding small business loss compensation, detailed guidelines such as support targets and loss compensation criteria will be prepared and announced through the Loss Compensation Deliberation Committee to be held on the 8th of next month, the enforcement date of the law, and individual small business applications will be accepted to start payments from the end of next month.

Meanwhile, cash support projects such as the Small Business Support Fund Plus have been completed with payments of 5.3 trillion KRW to 3.77 million people, and job projects have executed 71.3%, amounting to 1.8 trillion KRW.

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