Sangsaeng Consumption Support Fund Generates 146.5 Billion Won... 14.52 Million Applicants

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Moon Chaeseok] The Ministry of Economy and Finance announced on the 25th that the total amount scheduled for payment under the Win-Win Consumption Support Fund (card cashback) program, which has been in effect since the 1st, reached 146.5 billion KRW as of the 22nd.

The Win-Win Consumption Support Fund is a policy that returns 10% of the excess amount as cash-equivalent points if the monthly credit or debit card usage exceeds the average monthly usage in the second quarter (April to June) by more than 3%. For example, if the average monthly usage in the second quarter is 1 million KRW and the card usage in October is 1.53 million KRW, 10% of the excess 500,000 KRW, excluding 3% of the average monthly usage in the second quarter (30,000 KRW), which is 50,000 KRW, will be refunded.

The scheduled payment amount has increased 2.4 times in one week compared to 60 billion KRW as of the 15th. As of the 24th, 14.52 million people have applied for cashback.

The cashback generated in October is scheduled to be paid on the 15th of the following month. The Win-Win Consumption Support Fund program period is two months starting this month. Each individual can receive up to 100,000 KRW per month.

The government has allocated a budget of 700 billion KRW for the card cashback program. The program may end early if the budget is exhausted.

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