Osan City Raises Incentive Limit for Osaekjeon Local Currency

[Suwon Ilbo=Park Chan-hyuk] Osan City announced on the 4th that as part of its policy to recover the people's economy, it will provide additional local currency 'Osaekjeon' incentives from July 9 to 31, which were completely depleted in early July amid high citizen participation, and will also increase the charging limit.

Previously, the city has been operating with an increased incentive rate of 10% from the existing 6% for Osaekjeon since May.

After raising the incentive rate, citizen participation increased significantly and usage surged. As a result, the budget was depleted early in early July. Accordingly, the city decided to provide additional payments by investing 1.8 billion won in national treasury funds secured through the government's first supplementary budget.

The additional payment will also maintain a 10% discount rate, and the charging limit has been significantly increased from the existing 300,000 won to 1 million won, allowing citizens to receive incentives of up to 100,000 won. Citizens who received incentives in early July can also apply for the remaining amount within a total limit of 1 million won, and the program may end early if the budget is depleted.

Osaekjeon can be used at various affiliated merchants within the city including traditional markets, restaurants, private academies, and beauty salons. Merchant information can be found on the 'Osaekjeon homepage' and the 'Gyeonggi Regional Currency' app.

Since the launch of the 8th popular election administration, the city has continuously promoted Osaekjeon as a core policy for revitalizing the local economy. In particular, following the increase in incentive rates in May and this additional payment, the city expects to further promote local consumption and provide practical benefits to alley commercial districts and traditional markets.

Mayor Lee Gwon-jae said, "Osaekjeon has become established in citizens' daily lives and has contributed to increased sales for traditional markets and small business owners," adding "Through this incentive resumption, we will create local economic recovery that citizens and merchants can experience together."