Incheon e-Eum Budget to Run Out Next Week... Incheon City Launches 'Financial Budget Reform Task Force'

The budget for Incheon’s local currency, Incheon e-Eum, is expected to be depleted next week, leading to a temporary suspension of cashback payments.

On July 10, Incheon Mayor Chan-Dae Park held a press conference, stating, “At my first press conference since taking office, I had hoped to share an optimistic vision. However, I stand here today with a heavy heart and regret, as the budget for Incheon e-Eum will be completely exhausted by next week.”

He explained, “The policy was hastily put together for the election without proper preparation, resulting in inaccurate budget estimates. As a result, the Incheon e-Eum budget will be depleted by next week, and we will not be able to provide even the usual 10% cashback.”

Incheon Mayor Chan-dae Park is holding a press conference for the launch of the 'Fiscal Budget Reform Task Force' at the city hall briefing room on the 10th. Provided by Incheon City

Previously, Incheon City raised the cashback rate for Incheon e-Eum from 10% to 20% in May and increased the monthly payment limit from 300,000 won to 500,000 won. To accommodate this increase, the city boosted the Incheon e-Eum budget from 154.7 billion won last year to 258.1 billion won this year, but the budget is now on the verge of running out after just seven months.

Mayor Park emphasized, “This is not just a problem with Incheon e-Eum, but a serious emergency affecting the city’s entire finances. Essential project funds totaling 644.1 billion won, which should have been included in this year’s main budget, were not allocated, and responsibility for this was delayed.”

He added, “Even if Incheon City issues local bonds up to the maximum limit of 220 billion won, it would not be enough to cover the shortfall. So far, the financial burden confirmed for the 9th popularly elected administration amounts to 5.5 trillion won.”

Accordingly, the city plans to pursue fiscal normalization not by relying on short-term funding measures, but by accurately diagnosing the financial situation and fundamentally improving the fiscal structure. The city will enter an emergency management system for fiscal normalization and will immediately launch the 'Financial Budget Reform Task Force,' which will include both external experts and city officials.

The task force will be led by Vice Chairman Hyun-Seok Song, who previously reviewed the city’s finances as part of the Incheon City Transition Committee. The task force will serve as a control tower, conducting a comprehensive diagnosis of hidden debt and financial burdens, reviewing project feasibility, and developing measures to strengthen fiscal soundness.

In addition, the city has decided to postpone the implementation of the “100-Day Project for Livelihood Recovery,” which Mayor Park promoted as a key pledge during his campaign. This project included plans to temporarily maintain the 20% cashback rate for Incheon e-Eum cards and raise the monthly payment limit from 500,000 won to 1 million won.

Mayor Park stated, “I have determined that it is my responsibility to citizens to first resolve the accumulated fiscal issues and establish a sound financial foundation, rather than rushing to implement campaign pledges. Through the Financial Budget Reform Task Force, we will fundamentally improve the fiscal structure, swiftly develop countermeasures, and do our utmost to promptly resume the Incheon e-Eum program.”

This content was produced with the assistance of AI translation services.