Government Announces Price Relief and Financial Support for Lunar New Year Season



 

South Korea’s government is taking steps to help people during the upcoming Lunar New Year holiday. Finance Minister Koo Yun-cheol announced that more than 39 trillion won (US$26.94 billion) will be provided to support self-employed workers and small businesses. The government will also expand loan guarantees to 58 trillion won to make funds more accessible.

To help consumers, the government plans to offer discounts of up to 50 percent on popular items like mackerel, and increase the range of products eligible for cashback when using state-issued gift certificates. These measures aim to make holiday shopping more affordable for families celebrating the festival.

Authorities will also monitor prices closely to prevent excessive increases and investigate potential price collusion on essential items such as sugar, flour, and eggs. The Lunar New Year holiday in 2026 will be observed from February 16 to 18, giving people time to celebrate with food, gifts, and family gatherings.

Source : http://koreabizwire.com/government-announces-price-relief-and-financial-support-for-lunar-new-year-season/342966

Comprehension

How much money will the government provide to support self-employed workers and small businesses?
What is the purpose of expanding loan guarantees?
Which items will have discounts during the holiday?
How will the government help shoppers using gift certificates?
Why is the government investigating prices of sugar, flour, and eggs?

Discussion

Why is government support important during holiday seasons?
How can loan guarantees help small businesses?
What impact might discounts have on families during Lunar New Year?
Should governments control prices on essential items? Why or why not?
How can holiday support programs affect the overall economy?
What are other ways governments can help people during major festivals?
How might businesses respond to these government measures?

Vocabulary

Self-employed – A person who works for themselves rather than for a company
Small business – A company with few employees or limited operations
Discount – A reduction in the price of goods or services
Cashback – Money returned to a buyer after a purchase
Collusion – Secret cooperation to do something dishonest, like fixing prices