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Economy Economic Policy & Trends

Chuseok Farm and Livestock Discount Support Expanded to 149 Billion Won, Cuts of Up to 70%

Agriculture Ministry and Nonghyup Mobilize All Available Funds, Discount Period Extended Through September 30

Posted Article No. 57461

The Ministry of Agriculture, Food and Rural Affairs (Minister Song Mi-ryung) is expanding its farm and livestock discount support to 149 billion won, roughly three times larger than last year, to ease the burden of holiday food prices ahead of Chuseok. The discount campaign has also been extended by a week, running until September 30, just before the Chuseok holiday.

  [코리안투데이] 농식품부 농협 가용재원을 총동원하여 상차림 품목 반값 할인 추진 © 장형임 기자

The Ministry of Agriculture, Food and Rural Affairs (Minister Song Mi-ryung, hereinafter the ‘Ministry’) announced that it will substantially expand discounts on farm and livestock products together with Nonghyup and others, in order to ease the price burden of holiday goods ahead of Chuseok and help the public prepare for the festival economically. The measure supplements the ‘Chuseok Livelihood Stabilization Plan’ announced on September 1, focusing on lowering the price burden by making maximum use of the available funds of the government and Nonghyup.

First, the scale of discount support for farm and livestock products will grow to 149 billion won, roughly three times larger than the 50 billion won provided last year. The discount campaign period, originally set from September 3 to September 23, has been extended by a week to September 30, just before the Chuseok holiday. The aim is to keep the discount benefits available right up to the eve of the holiday, when consumption is concentrated.

For Korean beef (hanwoo) and Korean pork (handon), which carry a heavy price burden, additional discount campaigns will be pursued in cooperation with self-help fund organizations. Hanwoo sirloin, brisket and soup-stock cuts, as well as handon front-leg cuts, which are frequently used for Chuseok tables, will be sold at discounts of 30 to 50 percent at Hanaro Mart and other outlets.

  [코리안투데이] 농식품부 농협 가용재원을 총동원하여 상차림 품목 반값 할인 추진 © 장형임 기자

Nonghyup will also inject an additional 29.1 billion won (a total of 87.7 billion won including government support) to carry out large-scale discounts both online and offline, at Hanaro Mart and NH Sing-sing Mall. At Nonghyup Hanaro Mart, holiday table items including agricultural, livestock and marine products such as fruit, hanwoo, pork and dried yellow corvina, as well as processed foods such as flour, will be discounted by up to 57 percent, while NH Sing-sing Mall will cut prices on major holiday goods and gift sets by up to 70 percent.

  [코리안투데이] 농식품부 농협 가용재원을 총동원하여 상차림 품목 반값 할인 추진 © 장형임 기자

This measure is significant in that it directly lowers the prices of items that actually go into shopping baskets, at a time when the cost of preparing the ancestral rites table poses a considerable burden on households. As it covers the entire spread of holiday fare, including meat, fruit, seafood and processed foods, consumers are expected to feel a reduction in the cost of holiday preparations.

Seo Jun-han, the Ministry’s Director-General for Distribution and Consumption Policy, said, ‘Ahead of Chuseok, we have mobilized all available funds of the government and Nonghyup to substantially expand discount support so as to ease, even a little, the shopping-basket burden on the public.’ He added, ‘Along with expanding the supply of Chuseok holiday goods, we will carry out the discount campaigns without a hitch and do our utmost so that the public can enjoy an abundant and pleasant Chuseok.’

지역 홍보대사 신청 기자양성과정 신청 코리안투데이 지부장 신청 코리안투데이 인천강화

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