**Payback for September: 4.15 Million Beneficiaries, Over 10.58 Million Applications Submitted, Estimated 1.2 Trillion Won in Consumption Stimulation**
[Kim Eung-Tae, EDaily] The Ministry of SMEs and Startups announced on the 16th that it paid a total of 241.4 billion won through the cooperative payback program in September.
The cooperative payback program refunds 20% (up to 100,000 won per month) of the increased card spending compared to the average monthly spending from the previous year, as digital Onnuri gift certificates, for citizens aged 19 and older from September to November this year.
The payback program, which began accepting applications on September 15, saw approximately 10.58 million applicants over a month (September 15 to October 14). Regionally, the Seoul metropolitan area (Seoul, Gyeonggi, Incheon) accounted for 54% (5.7 million people) of the applications. Outside the metropolitan area, Busan (6.4%) and South Gyeongsang (6.0%) had the most applicants. By age group, those in their 30s made up 25.4%, those in their 40s 24.8%, and those in their 50s 19.6%.
As of October 9, a total of 4.15 million citizens became eligible for payback, as their card spending in September exceeded their average monthly spending the previous year. On October 15, a total of 241.4 billion won was distributed to the eligible participants, with an average payback of 58,155 won per person.
The payback amount excludes card spending at department stores, outlets, large marts, and online shopping malls, and represents 20% of the increase in card spending compared to the previous year. This has resulted in an estimated consumption stimulation effect worth about 1.207 trillion won (five times the payback amount).
Meanwhile, those who applied for the payback after October 10 and have an increase in card spending compared to last year’s average will receive not just the October payback on November 15, but also the September payback retroactively.
Lee Dae-geon, director of small enterprise policy at the Ministry of SMEs and Startups, stated, “The cooperative payback is a policy where individual consumer participation directly translates into vitality for the economy. We will continue promoting it so more people can benefit from the rebates in the remaining period.”