Cash back for card spending under review to boost consumption: official

SEOUL, June 18 (Yonhap) — South Korea plans to provide cash back rewards for credit card spending in a bid to revive domestic demand in the second half amid the pandemic, a senior government official said Friday.

The cash back scheme is part of measures under review to boost domestic demand in the second half as the government is seeking to draw up another extra budget to support vulnerable groups hit hard by the COVID-19 pandemic.

“(The cash back scheme) will be designed in a way that will help revive sluggish domestic demand and underpin an economic recovery in the second half,” First Vice Finance Minister Lee Eog-weon told a press briefing.

Under the plan, consumers will be able to receive the reward in cash for credit card spending made during a specific period.

Details have yet to be finalized, but the government plans to set the ceiling of cash back rewards per person in a bid to give such benefits to as many people as possible.

The government is drawing up this year’s second extra budget without a debt sale in a bid to support smaller merchants and vulnerable people.

The country created an extra budget of 14.9 trillion won (US$13.2 billion) in March to finance the 20.7 trillion won of relief aid for the self-employed.

The finance ministry will unveil a package of measures to bolster domestic demand when it makes its second-half economic policy plans public later this month.

The government earlier said it will step up efforts to help Asia’s fourth-largest economy grow more than 4 percent this year.

Cash back for card spending under review to boost consumption: official

sooyeon@yna.co.kr
(END)

News Related
  • How to Start a Charity

    Starting a charity might seem like a big dream, but if you’re passionate about helping others, it can be a really rewarding path. If you’re ready to take on this commitment, start by getting really clear on your mission and core values. Once you have that nailed down, you can ...

    See Details: How to Start a Charity

  • How to Start Investing

    It is never too soon to start investing. Investing is the smartest way to secure your financial future and to begin letting your money make more money for you. Investing is not just for people who have plenty of spare cash. On the contrary, anyone can (and should) invest. You ...

    See Details: How to Start Investing

  • How to Start Building Wealth at a Young Age

    You are never too young to start saving and investing. People who start investing when they are young are more likely to develop habits that will last a lifetime. The earlier you start investing, the more money you’ll accumulate over time. To find additional dollars to invest, you might start ...

    See Details: How to Start Building Wealth at a Young Age

  • How to Set Company Values

    Company values help set your company apart from its competitors and build a sense of solidarity among employees. But with so many good qualities to choose from, it can be difficult to decide exactly what your company’s core values should be. Take your time and choose the values that most ...

    See Details: How to Set Company Values

  • How to Report a Bank of America Phishing Email

    If you suspect an email that appears to be from Bank of America is in fact fraudulent, don’t panic. These emails, called “phishing emails,” are actually sent to hundreds and thousands of people at a time in the hopes that one or two people will fall for the scam. As ...

    See Details: How to Report a Bank of America Phishing Email

  • How to Remove the Samsung Pay App

    This wikiHow teaches you how to delete or disable the Samsung Pay app on a Samsung Galaxy smartphone. You cannot delete the Samsung Pay app without rooting your Android, but you can prevent it from bothering you by removing its shortcuts, refusing to set it up, and/or moving it to ...

    See Details: How to Remove the Samsung Pay App

  • How to Receive a Payment in Payoneer

    Payoneer works with the Global Payment Service, so if your employer or the person you’re trying to get a business payment from lives in a different part of the world than you, you can still get that payment quickly, easily, and at a low cost. This wikiHow will teach you ...

    See Details: How to Receive a Payment in Payoneer

  • How to Read a Financial Report

    Financial reports, also called financial statements, demonstrate a company’s financial position over a specific period of time. Most businesses and organizations provide financial reports to their Boards of Directors, shareholders and investors on a monthly, quarterly or annual basis. They are reviewed to identify trends, successes and problems within a ...

    See Details: How to Read a Financial Report

  • How to Raise Money for a Good Cause

    Financial reports, also called financial statements, demonstrate a company’s financial position over a specific period of time. Most businesses and organizations provide financial reports to their Boards of Directors, shareholders and investors on a monthly, quarterly or annual basis. They are reviewed to identify trends, successes and problems within a ...

    See Details: How to Raise Money for a Good Cause

  • How to Prepare for Economic Collapse

    Financial reports, also called financial statements, demonstrate a company’s financial position over a specific period of time. Most businesses and organizations provide financial reports to their Boards of Directors, shareholders and investors on a monthly, quarterly or annual basis. They are reviewed to identify trends, successes and problems within a ...

    See Details: How to Prepare for Economic Collapse

  • How to Prepare for Capital Expenditures (Capex)

    Financial reports, also called financial statements, demonstrate a company’s financial position over a specific period of time. Most businesses and organizations provide financial reports to their Boards of Directors, shareholders and investors on a monthly, quarterly or annual basis. They are reviewed to identify trends, successes and problems within a ...

    See Details: How to Prepare for Capital Expenditures (Capex)

  • How to Prepare a Bank Reconciliation

    Financial reports, also called financial statements, demonstrate a company’s financial position over a specific period of time. Most businesses and organizations provide financial reports to their Boards of Directors, shareholders and investors on a monthly, quarterly or annual basis. They are reviewed to identify trends, successes and problems within a ...

    See Details: How to Prepare a Bank Reconciliation

  • How to Pack for a Cross Country Move

    Financial reports, also called financial statements, demonstrate a company’s financial position over a specific period of time. Most businesses and organizations provide financial reports to their Boards of Directors, shareholders and investors on a monthly, quarterly or annual basis. They are reviewed to identify trends, successes and problems within a ...

    See Details: How to Pack for a Cross Country Move

  • How to Overcome Poverty

    Financial reports, also called financial statements, demonstrate a company’s financial position over a specific period of time. Most businesses and organizations provide financial reports to their Boards of Directors, shareholders and investors on a monthly, quarterly or annual basis. They are reviewed to identify trends, successes and problems within a ...

    See Details: How to Overcome Poverty

OTHER NEWS

How to Make a Demand Draft

A demand draft is a document that allows you to withdraw money from another person’s bank account without needing a signature. The person that is withdrawing money will need to ... Read more »

How to Make Money on Substack

This wikiHow teaches you how to use Substack to get paid for writing newsletters. Substack is a newsletter platform that allows anyone to create a newsletter and develop an audience ... Read more »

How to Make ID Cards Online

Creating your own ID cards is quick and easy if you design and order them using online software! The cards can be ordered via a professional printing service, or printed ... Read more »

How to Make ACH Payments

Automated Clearing House (ACH) payments are an electronic funds transfer from one bank account to another. ACH payments have been around for over forty years, and were developed with the ... Read more »

[Life, unprepared] Pension reality check looms as reformists face public backlash

An elderly man pushes an overcrowded hand cart along a street near Hongjecheon in western Seoul on July 21. (Yonhap)This is the final installment of a series of articles investigating ... Read more »

Jungheung signs on for Daewoo E&C takeover

An exterior view of Daewoo E&C’s headquarters in central Seoul. (Daewoo E&C)A South Korean investor consortium led by Gwangju-based construction conglomerate Jungheung Group has signed a memorandum of understanding to ... Read more »

Visa Korea names new head

Patrick Storey, president of Visa International Asia-pacific Korea (Visa International Asia-Pacific Korea)Global credit card giant Visa has appointed Patrick Storey, former chief operating officer of consulting and analytics business, as ... Read more »

S. Korea troubled by US, EU talks of carbon border tax

A HMM container carrier docked at a port in Busan. (Yonhap)Businesses and experts in export-reliant South Korea on Monday expressed concerns over the European Union and the United States’ moves ... Read more »

How to Keep Track of Your Personal Finances

Staying on top of your personal finances can be challenging, tedious, and even discouraging, but for most people this process is a necessary evil. Spending more than you earn is ... Read more »

How to Improve Your Chances of Going Viral

Almost everyone who’s savvy with the internet has heard about “going viral”. “Going viral” refers to the fact that your content resonates so enormously that it catches on fire, and ... Read more »

How to Import Opening Balance in Tally

You can use Tally to manage your finances in a company. This wikiHow will teach you how to import an opening balance in Tally with the exported closing balance of ... Read more »

S. Korea recoups nearly 70% of bailout funds

Financial Services Commission headquarters located within the central government complex in Seoul (Yonhap)South Korea has recouped 69.7 percent of the public funds it spent to bail out troubled financial firms ... Read more »

S. Korea recoups nearly 70 pct of bailout funds

SEOUL, Aug. 2 (Yonhap) — South Korea has recouped 69.7 percent of the public funds it spent to bail out troubled financial firms since the 1997-1998 Asian financial crisis, the ... Read more »

S. Korea to release 80,000 tons of rice in Aug. to cope with supply shortages

(Yonhap)South Korea said Monday it plans to release 80,000 tons of rice into the market this month in a bid to deal with supply shortages and stabilize prices. The move ... Read more »

S. Korean manufacturing activity hits 7-month low in July

(Yonhap)South Korea’s manufacturing activity reached a seven-month low in July amid the spread of the delta coronavirus variant here, a global market researcher said Monday. The purchasing managers’ index (PMI) ... Read more »

How to Get a Job as a Bank Teller

A career as a bank teller can be exciting. As a teller you will meet many different people and learn a variety of new skills. If you want to work ... Read more »

How to Get a CKYC Number

A Central Know Your Customer (CKYC) number is required by law in India if you plan to invest in mutual funds or other financial assets. Having a CKYC number will ... Read more »

Beer imports hit 5-year low in H1

(Yonhap)South Korean imports of beer touched a five-year low in the first half of the year amid a nationwide boycott of Japanese products, data showed Monday. The value of beer ... Read more »

How to Get Immediate Cash for Your Annuity

An annuity is a type of investment that is usually handled by an insurance company. An investor will invest her money in an annuity fund in exchange for periodic payouts ... Read more »

How to Get Money Quickly Without Borrowing It

It can be difficult to come up with cash at short notice for an emergency. Fewer and fewer people have secure jobs and savings accounts to rely on during tough ... Read more »

How to Get HR Certification

Getting certified in human resources can help jump start your career, so of course it’s something you’d want to do. The first step is to figure out what kind of ... Read more »

How to Get Damaged Currency Replaced

As currency is used and passed along, it sometimes becomes damaged. That damage can range from simple tears and wrinkles on paper currency, to more severe damage like burn marks, ... Read more »

How to Fundraise

There’s no question that charities, nonprofits, PTAs, clubs and many other groups need to raise funds. The question is, how to do it effectively. This article introduces several ways that ... Read more »

How to Find the Total Amount Paid in an Interest Rate Equation

If you have been given a math problem that requires you to find the total amount of money paid over a certain period of time, don’t worry. These equations are ... Read more »

How to Find a Good Real Estate Agent

Whether you’re buying or selling a property, a quality real estate agent is vital to make the process run smoothly. Seek out an agent with excellent credentials and references. Meet ... Read more »

How to Find a Buyer for Your Annuity

Although an annuity is meant to provide steady income, particularly when you retire, there are circumstances under which you might decide to sell your annuity. For example, you might decide ... Read more »

How to Find Someone You Met Without a Name

If you met someone really cool when you were out and about, it might feel like a great loss if you didn’t catch their name. Fortunately, there are a few ... Read more »

How to File a Police Report

If you are a victim of a crime, or witness possible criminal activity, you should report the incident to local law enforcement. Generally, you can file a police report by ... Read more »

Video: How can I prepare for tax season?

Tax season can be stressful and complicated, but preparing ahead of time can really help make it easier. How do you do it though? In this video, certified public accountant ... Read more »

How to Ensure You Get Your Permanent Fund Dividend (PFD) Quickly in Alaska

There are many benefits to living in the state of Alaska. In addition to the stunning landscape, Alaskan Citizens also receive an annual amount of money from the state each ... Read more »

How to Dress for a Banking Job

Banking is a large industry that employs people in positions ranging from bank tellers to major investment bankers. Attire will vary somewhat depending upon one’s level of employment. But the ... Read more »

How to Do Technical Analysis

Technical analysis evolved from the stock market theories of Charles Henry Dow, founder of the Wall Street Journal and co-founder of Dow Jones and Company. The goal of technical analysis ... Read more »

How to Develop a Risk Management Plan

Developing an effective Risk Management Plan can help keep small issues from developing into emergencies. Different types of Risk Management Plans can deal with calculating the probability of an event, ... Read more »

How to Deal with Competition As a Small Business

Competition is healthy. It forces you to innovate, keeps you on your toes so that you don’t get complacent, and encourages you to provide the best you possibly can for ... Read more »

How to Deal With Losing Your Wallet

Losing your wallet can be frustrating, embarrassing, and, if it falls into the wrong hands, a threat to your finances and your good name. If you cannot quickly locate your ... Read more »

How to Create an Online Subscription Business

Online subscription businesses are great for creating a predictable income while giving people valuable products, information, or services. The customer will pay a recurring price, such as monthly or seasonally, ... Read more »

How to Create an Investment Plan

Creating a viable investment plan requires a little more than simply establishing a savings account and buying a few random shares of stocks. In order to structure a plan that ... Read more »

How to Create an Excel Spreadsheet Annual Budget

You will learn to create an annual budget on an Excel spreadsheet that is sensitive to many Income Tax Schedule A itemized deductions, as well as Schedule C for a ... Read more »

How to Counter Sue

When a plaintiff sues you for money or the return of property, you can defend yourself in civil court. You have another legal remedy if the plaintiff is actually at ... Read more »

How to Contact Small Business Owners

There are three different situations you’ll find yourself talking to a small business owner in: on the phone, through email, or in person. Each situation offers its own respective challenges ... Read more »