South Korean Government to Release Record 183,000 Tons of Food for Chuseok

South Korea will release a record 183,000 tons of key food products ahead of the Chuseok holiday to stabilize consumer prices, according to the Ministry of Finance and Economy. The government will supply 18,000 tons of vegetables such as napa cabbages and radishes, 32,000 tons of fruit including apples and pears, 90,000 tons of beef and pork, and 17,000 tons of chicken. Additionally, 20,000 tons of seafood including mackerel, pollock, and squid will be released at prices up to 40 percent below market levels.

To further ease price burdens, the government is allocating 103 billion won, or 75.2 million US dollars, to support discount events. Discounts of up to 40 percent on agricultural and livestock products begin Thursday, followed by discounts of up to 50 percent on major seafood products starting September 9. From September 16 to 20, shoppers at 300 traditional markets for agricultural, livestock, and seafood products can receive refunds of about 30 percent of their purchases, capped at 20,000 won, via gift certificates.

Other holiday measures include the waiver of expressway tolls from September 24 to 27 and a 10 percent discount on KTX train fares. For small businesses with fewer than 30 employees, the government will allow the deferment of employment and industrial accident insurance premium payments. Small business owners may also pay electricity bills in installments for up to six months and gas bills in installments for up to four months. The Chuseok holiday runs from September 24 to 27.