South Korea will release a record 183,000 tons of key food products ahead of the Chuseok holiday later this month, the finance ministry said Tuesday, as part of its effort to stabilize consumer prices.
The Ministry of Finance and Economy said the measure is aimed at easing price burdens related to popular food items for the Korean equivalent of Thanksgiving, which is marked by family reunions and ancestral rites
In detail, the government will supply 18,000 tons of vegetables, including napa cabbages and radishes, as well as 32,000 tons of fruit, such as apples and pears.
The government will also release a combined 90,000 tons of beef and pork, along with 17,000 tons of chicken.
For seafood products, the government will release 20,000 tons from its reserves of six popular items, including mackerel, pollock and squid, at prices up to 40 percent below market levels.
The government will additionally spend 103 billion won ($75.2 million) to support discount events at offline and online stores.
Starting Thursday, the government will offer discounts of up to 40 percent on agricultural and livestock products, including apples, pears and beef, followed by discounts of up to 50 percent on major seafood products starting Sept. 9.
From Sept. 16-20, shoppers at 300 traditional markets each for agricultural and livestock products and seafood will be eligible for refunds equivalent to about 30 percent of their purchases, capped at 20,000 won, in the form of gift certificates.
The government will also waive expressway tolls from Sept. 24-27 and offer a 10 percent discount on KTX train fares to facilitate holiday travel.
Businesses with fewer than 30 employees will be allowed to defer employment and industrial accident insurance premium payments.
Small business owners will also be permitted to pay their electricity bills in installments for up to six months and their gas bills in installments for up to four months.
This year's Chuseok holiday runs from Sept. 24-27. (Yonhap)
