Government Lifts Discount Limit on Chuseok Agricultural and Livestock Products... 22,000 Tons of Seafood to Be Supplied

Additional 90 Billion Won Allocated in Supplementary Budget

Crackdown on Price Gouging and Abuse of Quota Tariffs

The government is strengthening its price stabilization measures for key holiday goods ahead of Chuseok by removing discount limits on agricultural and livestock products and increasing the supply of seafood to 22,000 tons. Efforts to crack down on practices that harm people’s livelihoods, such as price gouging during the Chuseok peak season and the abuse of quota tariffs, will also be intensified.

On September 9, the Ministry of Finance and Economy announced supplementary measures for stabilization during the Chuseok holiday, following a meeting of key officials on price management and the Chuseok Price Gouging Eradication Task Force, presided over by Deputy Minister Kang Giryong. According to the new plan, the government will inject an additional 90 billion won from the available budget on top of the 103 billion won initially allocated to discount support for agricultural and livestock products in the original Chuseok measures. As a result, the discount events for agricultural and livestock products, originally scheduled to end on the 23rd, will now be extended to the 30th—an extra week—and the discount cap, previously set at 20,000 won per person per week, will be removed, making discounts unlimited.

Citizens are shopping at Cheongnyangni General Market in Dongdaemun-gu, Seoul, one week before Chuseok, the biggest national holiday. Photo by Jinhyung Kang aymsdream@

Expanded Discounts and Supply of Key Holiday Goods to Ease Shopping Burden

Discount events will be available at major and small supermarkets, online malls, and traditional markets. Approximately 12,000 retailers will participate for agricultural and livestock products, and around 2,400 retailers for seafood. In traditional markets, from September 16 to 20, about 30% of the purchase amount for agricultural, livestock, and seafood products will be refunded via Onnuri Gift Certificates. The maximum refund amount will be 20,000 won each for agricultural/livestock products and seafood. Discounts through Zeropay mobile gift certificates will also be available, with 20 billion won for agricultural/livestock products and 10 billion won for seafood sold at a 20% discount.

Seafood supply will also be expanded. The government will supply a total of 22,000 tons, including 20,000 tons from strategic reserves, plus 1,300 tons of pollock, 300 tons of squid, 300 tons of yellow croaker, and 100 tons of dried anchovies—an addition of 2,000 tons. This supply is triple the normal amount. The prices of government-reserved seafood will also be lowered up to 50% below regular market prices, an increase from the previous cap of 40% lower than market prices.

For three weeks prior to Chuseok, the supply of 19 major holiday goods will be expanded. This includes 7,000 tons of napa cabbage, 6,000 tons of radish, 17,000 tons of apples, 14,600 tons of pears, 22,530 tons of beef, 67,000 tons of pork, and 16,500 tons of chicken. The supply of chestnuts will be significantly increased to over nine times the normal amount at 2,300 tons, while 180 tons of jujube will also be provided. The number of participating processed food companies will be raised to 20, and throughout September, up to 4,765 products will be offered at discounts of up to 64%. Discount rates will reach up to 50% for ramen, noodles, tofu, bread, sauces, snacks, ice cream, and ready-to-eat foods, and up to 64% for beverages.

Lee Hyungil, Deputy Prime Minister and candidate for Minister of Finance and Economy, visited Kkachisan Market in Gangseo-gu, Seoul, on the 7th as part of the Chuseok Livelihood Stabilization Measures to check prices and listen to the difficulties of small business owners. Photo by Yonhap News.

Crackdown on Price Gouging and Livelihood-Harming Practices

The government will also step up efforts to prevent price gouging during the Chuseok peak season. From September 14 to 22, joint on-site inspections will be carried out involving the Ministry of the Interior and Safety, Ministry of Culture, Sports and Tourism, Ministry of Health and Welfare, Ministry of SMEs and Startups, Fair Trade Commission, Ministry of Food and Drug Safety, National Tax Service, and the National Police Agency, targeting unfair charges at markets, restaurants, and lodging establishments.

Self-regulation within industries will be encouraged, including compliance with price labeling and restraint on excessive price hikes. On September 22, merchants’ associations and tourism sector participants in Haeundae Market, Busan, will conduct a campaign promoting fair prices and customer-friendly service. Updated and stricter penalty standards will be actively promoted on site: for lodging establishments, the penalty for a first violation has been raised from a warning or order to improve to a five-day business suspension; for restaurants, from an order to improve to a five-day suspension; and for taxis, from a warning to a 30-day license suspension.

The government plans to revise the consumer dispute resolution standards within the year so that, if a lodging reservation is canceled unilaterally without valid reason, customers will be compensated 200% of the canceled room rate. Businesses subject to Onnuri Gift Certificate refunds at traditional markets that engage in price gouging—such as displaying a different price than the sale price or selling less than the stated quantity—will be subject to sanctions including warnings, corrective orders, or exclusion from events.

Crackdowns on practices that harm people's livelihoods will be intensified. The government will focus on monitoring unfair practices in sectors such as essential goods and services, housing, education, and energy—areas with a high public impact. There will also be rigorous investigations of quota tariff system abuses, such as unjustly securing recommended import quotas, tax evasion, and supply delays. Previously, a special customs investigation into the abuse of quota tariffs uncovered illegal and unfair activities by 10 companies, involving 546.8 billion won in manipulated import prices, improper securing of import quotas, and violations of approval conditions. Of the total, 58.6 billion won in back taxes will be collected, and 8.5 billion won in fines have already been imposed.

Special and intensive crackdowns will also be implemented targeting financial crimes like insurance fraud and illegal private lending, as well as everyday crimes such as ticket scalping during the Chuseok peak season. Illegal private lending will be scrutinized for unregistered operations, usurious loans, illegal debt collection, and new or evolving schemes. The government stated, "To carry forward the effectiveness of the Chuseok livelihood stabilization measures announced on the 1st, we will expand the supply and discount support for key holiday goods and step up our response to price gouging and practices that threaten economic stability during the holiday period."

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