Osan-si, Provides 10% Incentive on Local Currency for Lunar New Year Celebration

Issuance Amount of 11 Billion KRW... From the 20th to the 31st
Mayor Lee: "Implementing Policies That Citizens and Small Business Owners Can Truly Feel"

Osan City in Gyeonggi Province announced on the 14th that it will provide additional incentives for the local currency 'Osaekjeon' to revitalize the local economy and alleviate household burdens during the Lunar New Year holiday.

From the 20th to the 31st, the city will offer consumers a 10% incentive when purchasing Osaekjeon. The purchase limit is 500,000 KRW, meaning a maximum incentive of 50,000 KRW can be received.

To this end, the city has allocated a budget of 1.11 billion KRW and plans to issue local currency worth a total of 11 billion KRW. Incentive payments will end early once the budget is exhausted.

However, those who have already received the full 50,000 KRW incentive in the event held earlier this month are excluded from receiving additional incentives. If only part of the 500,000 KRW limit was charged, benefits can only be received within the remaining limit. For example, a citizen who received a 20,000 KRW incentive earlier this month will only be eligible for up to 30,000 KRW in this additional event. The 10% incentive event conducted by the city earlier this month ended early after the 370 million KRW budget was exhausted in just two days.

The city expects this benefit to invigorate the local economy and help reduce citizens' holiday expenses. In particular, it anticipates a virtuous cycle of consumption within the region through increased use of Osaekjeon at traditional markets and small business franchise stores.

Lee Gwon-jae, Mayor of Osan City, said, "We hope citizens have a warm and abundant holiday through this policy," adding, "We will continue to actively pursue various policies to revitalize the local economy."

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