Table of Contents
- Extension of the Dongbaekjeon Cashback Policy for Livelihood Economy Recovery until August Confirmed
- Increase in Dongbaekjeon Usage in the First Half of the Year Proves the Effectiveness of City Investment
- Cashback Benefits Extended until August... Sales Increase Expected for Affiliates
- Adjustments Planned after September Based on Results of the Second Supplementary Budget
- Practical Economic Support Policy for Small Businesses and Citizens
- Frequently Asked Questions (FAQ)
Extension of the Dongbaekjeon Cashback Policy for Livelihood Economy Recovery until August Confirmed
Busan City has decided to continue the 'Dongbaekjeon Cashback Expansion Policy' until August to promote local consumption and increase sales for small businesses.
This decision was made considering the positive impact of the cashback benefits implemented in the first half of this year on the local economy. In addition, this support is included in the government's first supplementary budget, and plans for continued support are in place.
Increase in Dongbaekjeon Usage in the First Half of the Year Proves the Effectiveness of City Investment
Since January 2024, Busan City has been improving the Dongbaekjeon cashback policy. The cashback limit has been raised from 300,000 won to 500,000 won per month, and the cashback rate has been increased from 5% to a maximum of 7%. These changes are reflected in the issuance amount of approximately 681.3 billion won and a usage amount of about 676.2 billion won between January and May, marking respective growths of 16.5% and 16.9% compared to the previous year.
This result is significantly contributing to promoting local consumption and revitalizing the economy. Busan City plans to further develop the local economy through such policies.
Busan City has expanded the policy using its own budget without national funding support. This effort has received positive feedback for significantly reducing the burden on small businesses amid high inflation and interest rates, and for enhancing the consumption capacity of the citizens.
Cashback Benefits Extended until August... Sales Increase Expected for Affiliates
Busan City has decided to continue the Dongbaekjeon cashback system until August. The main contents of this policy are as follows. Cashback is possible up to 500,000 won per month, with a maximum cashback rate of 7%.
In terms of annual sales, stores with sales of 1 billion won or less receive 7%, while stores with sales between 1 billion and 3 billion won receive 5%. Stores with sales exceeding 3 billion won will not receive any cashback.
This policy is designed to promote consumption centered on local small businesses and is expected to greatly benefit the sales increase of alley businesses and small vendors.
Adjustments Planned after September Based on Results of the Second Supplementary Budget
After September, the Dongbaekjeon issuance policy will be finalized based on the results of the government's second supplementary budget for local currency distribution.
In addition, Busan City is also reviewing plans for budget securing and expanding support through city matching.
Through these efforts, the city plans to establish a stable and sustainable operational foundation for local currency.
Practical Economic Support Policy for Small Businesses and Citizens
The Busan Dongbaekjeon cashback expansion policy aims to achieve two goals simultaneously: revitalizing the local economy and supporting small businesses beyond promoting consumption.
Through this policy extension, it is expected to alleviate the economic burden on citizens and play a significant role in revitalizing local alley economies. Busan City plans to utilize Dongbaekjeon as an important means for livelihood economy recovery.
It is hoped that these proactive measures and active financial support from Busan City will provide tangible assistance in overcoming challenges such as decreased consumption and economic recession.
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Frequently Asked Questions (FAQ)
Q. Until when is the Busan Dongbaekjeon cashback policy extended?
The Busan Dongbaekjeon cashback policy is extended until August 2024.
Busan City has decided to continue the Dongbaekjeon cashback expansion policy until August 2024 to promote local consumption and increase sales for small businesses. During this period, cashback is possible up to 500,000 won per month, and a maximum cashback rate of 7% is maintained. The policy after September is scheduled to be adjusted based on the government's second supplementary budget.
Q. What is the cashback limit and rate for Dongbaekjeon?
The cashback limit is 500,000 won per month, and the cashback rate is a maximum of 7%.
From January 2024, the cashback limit for Dongbaekjeon has been raised from 300,000 won to 500,000 won per month, and the rate has been expanded from the existing 5% to a maximum of 7%. Stores with annual sales of 1 billion won or less receive 7%, those with sales between 1 billion and 3 billion won receive a 5% cashback benefit, and stores exceeding 3 billion won do not receive any benefits.
Q. What impact has the Dongbaekjeon cashback policy had on the local economy?
The Dongbaekjeon cashback policy has contributed to promoting local consumption and increasing small business sales.
Since the implementation of the Dongbaekjeon cashback policy in the first half of 2024, both the issuance and usage amounts have grown by over 16% compared to the previous year. This has significantly contributed to revitalizing the local economy and easing the burdens on small businesses while enhancing citizens' consumption capabilities even in high inflation and interest rate situations.
Q. What will happen to the Dongbaekjeon cashback policy after September?
The policy after September is scheduled to be adjusted based on the results of the government's second supplementary budget.
Busan City plans to finalize the issuance policy for Dongbaekjeon after September based on the outcomes of the government's second supplementary budget. Additionally, they are reviewing methods for securing city matching funds to promote a stable and sustainable operation of the local currency.
Q. Who are the primary beneficiaries of the Dongbaekjeon cashback policy?
It mainly targets local small business affiliates with annual sales of 3 billion won or less.
The cashback benefits are designed to center around alley economies and small businesses, with stores generating less than 1 billion won receiving 7% and those generating between 1 billion and 3 billion won receiving 5% cashback benefits. Stores exceeding 3 billion won are excluded from policy support, focusing on stimulating consumption centered on small businesses.
