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Busan Metropolitan City Launches 100-Day Emergency Livelihood Support Measures to Protect Citizens’ Daily Lives

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Busan Metropolitan City (Mayor Chun Jae-soo) announced that it held the “Busan 100-Day Emergency Livelihood Support Measures Meeting” at 9:00 a.m. today (July 1) in the City Hall Grand Conference Room to support citizens and small business owners struggling with the combined challenges of high oil prices, a high exchange rate, high inflation, and prolonged interest rate burdens.

Approximately 30 economic stakeholders attended the meeting, including Mayor Chun Jae-soo, Busan Chamber of Commerce and Industry Chairman Yang Jae-saeng, and representatives from business organizations and related institutions. Participants discussed urgent response measures to restore the local economy and revitalize regional commercial districts.

Immediately following the meeting, Mayor Chun Jae-soo signed the “Busan 100-Day Emergency Livelihood Support Measures” as his first official administrative approval after taking office, underscoring his commitment to making tangible livelihood recovery measures the City's highest policy priority.

At the meeting, the City unveiled the “Busan 100-Day Emergency Livelihood Support Measures,” a comprehensive package worth approximately KRW 1.3783 trillion comprising 10 core initiatives in three priority areas: support for small business owners facing management difficulties, easing citizens’ financial burdens while revitalizing commercial districts, and strengthening the social safety net.

To support small business owners facing prolonged economic slowdown, high inflation, and high interest rates, the City will intensively implement tailored assistance programs aimed at stabilizing business operations and reducing financial burdens.

To ease financial pressure on small business owners affected by the combined impact of the high exchange rate and high oil prices, the City will provide a package of support measures totaling KRW 1.3043 trillion. These include low-interest loans at approximately 1 percent and refinancing loans for businesses in financial distress, energy vouchers for small business owners, relief from public utility charges and local taxes, fuel price-linked subsidies for freight trucks, insurance premium support for freight truck drivers (including parcel delivery workers), special industrial accident insurance premium assistance for platform workers, a major expansion of Dongbaekjeon QR merchants, and reduced card payment processing fees for Dongbaekjeon.

To reduce citizens’ financial burdens and revitalize commercial districts, the City will stimulate consumer spending through citizen-oriented consumption policies and support for neighborhood commercial areas, thereby strengthening a virtuous cycle of local consumption.

To assist citizens and small business owners affected by declining consumer spending, the City will implement support programs totaling KRW 66.8 billion. These include a temporary increase in the Dongbaekjeon cashback rate to 15 percent, consumer promotion coupons for public delivery services operated by small business owners, Dongbaekjeon QR payment promotion coupons, and a neighborhood commercial district recovery initiative utilizing 1,000 vacant storefronts with monthly rents of KRW 10,000.

To strengthen the social safety net, the City will expand public employment opportunities and financial and legal support to protect vulnerable groups and small business owners in crisis, building a comprehensive safety net that safeguards citizens’ livelihoods.

To respond to the prolonged impact of high interest rates, the City will invest KRW 7.2 billion in support programs, including the operation of the public employment-based “Livelihood Guardian” program and expanded public jobs, a One-Stop 100-Day Recovery Project for Livelihood Restoration, and the expedited introduction of a Special Judicial Police System for Livelihood Financial Crimes.

Mayor Chun Jae-soo said, “Protecting the daily lives of our citizens is the mayor’s foremost responsibility. Even if external uncertainties ease somewhat following the ceasefire agreement in the Middle East, it will still take considerable time before those positive effects reach neighborhood commercial districts and are felt in the everyday economy.” He added, “Through these measures, we will provide relief to small business owners and working families pushed to the brink, restore vitality to neighborhood commercial districts and the regional economy, and create a Busan that is moving forward once again.”