Sejong City, 'Yeominjeon' Purchase Limit 600,000 KRW and 10% Cashback Next Month

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City has decided to set the Yeominjeon purchase limit at 600,000 won per person next month and maintain a 10% cashback.

The city announced on the 25th that as part of the 'COVID-19 Small Business Support Measures,' the Yeominjeon purchase limit will be adjusted from the existing 300,000 won to 600,000 won.

As of the 23rd of this month, a total of 265 billion won worth of Yeominjeon has been issued, and it is expected that the originally targeted issuance amount of 300 billion won will be easily achieved by the end of the year. The total number of Yeominjeon card issuers is 142,090, which the city estimates to be half of the local adult population of 279,539 (as of last month) using Yeominjeon.

The issuance of Yeominjeon also contributes to revitalizing the local economy and increasing small business income. For example, according to the 'Local Currency Yeominjeon Regional Economic Effect Analysis' by the Daejeon-Sejong Research Institute, 28.7% of the total Yeominjeon payment amount has shifted from large supermarkets, department stores, and online consumption to local commercial districts.

Additionally, in a survey of small business owners regarding Yeominjeon, 81.4% of respondents answered that the introduction of Yeominjeon positively affects sales improvement.

Based on this, the city plans to maintain the total issuance scale next year at a level similar to this year so that more citizens can purchase Yeominjeon stably, and will continue to expand policy issuance (no cashback) sold to institutions.

Kim Hoe-san, head of the City Enterprise Support Division, said, "We hope that the issuance of Yeominjeon will help revitalize the neighborhood commercial districts that have been depressed due to the prolonged COVID-19 pandemic."

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