100,000 won per month, up to a total of 300,000 won per person in cash
Economic growth rate target raised from 3.2% → 4.2%, 1%p
The government will refund 10% of the increased credit card consumption in cash. In addition, the Bogeumjari Loan for the common people to help the homeless to find a home will be expanded.
The government announced on the 28th the ‘economic policy direction for the second half of the year’ with these contents as the main focus.
The government set the goals of the economic policy direction for the second half of the year as ‘complete economic recovery’ and ‘a major structural transformation into a leading economy’.
To this end, as a measure to recover domestic demand, the credit card cashback system (win-win consumption subsidy) will be implemented.
It is a system that returns 10% of the card usage amount, which is more than 3% higher than the average monthly card usage amount in the second quarter, as cashback for the following month. The government is investing about 1 trillion won in the cashback system.
For example, if a person with an average monthly credit card usage of 1 million won in the second quarter spends 1.53 million won in August, 10% of the 500,000 won, which is over 3%, is returned to 50,000 won.
However, the limit is limited to 100,000 won per month and a total of 300,000 won per person. In addition, it does not include department stores, large marts, online shopping malls, luxury stores, entertainment venues, and car purchase costs.
At the same time, the standard for guaranteeing public jeonse loans will be raised from 500 million won to 700 million won to help homeless end-users buy a house.
In addition, the limits for Bogeumjari Loan loans will be increased to 60 million won and stepping stone loans to 50 million won to 360 million won and 250 million won, respectively.
In addition, by dividing the income section of the youth, the low-income class will provide matching support for a certain portion of their savings. Currently, the government plans to further expand the target of support for youth savings accounts, where the government saves 300,000 won as a subsidy for their monthly savings of 100,000 won for young people from the next lower class.
In addition, the government is planning to issue a total of 14 million or more new consumption coupons in six major areas, including sports viewing and movies, and resume use of coupons for sports, accommodation, tourism, movies, and exhibitions, which were suspended due to the spread of COVID-19, depending on the quarantine situation.
The use of consumption coupons will increase based on 50% of the first dose of the COVID-19 vaccine, and will resume when it exceeds 70%.
Meanwhile, the government raised the target for economic growth by 1 percentage point from 3.2% to 4.2%, and raised the consumer price inflation estimate from 1.1% to 1.8%. The increase in the number of employed people is also projected to increase from 150,000 to 100,000 to 250,000.
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