Jeju Special Self-governing Province raised the on-the-spot discount benefit at Tamnaneunjeon-affiliated stores with annual sales of 500 million won or below from the current level of 5% to 10%. The individual usage limit, which was previously 30,000 won per usage and 100,000 won per month, has been raised to 50,000 won per usage and 150,000 won per month.

The Jeju government explained the discount rate and the individual discount limit was raised to allow more Jeju residents to benefit from the discount and substantively contribute to the growth of sales for small-scale affiliated stores as a result.

To this end, Jeju is promoting a Tamnaneunjeon usage support policy to provide an on-the-spot discount of 5% for payments made using the Tamnaneunjeon card at Tamnaneunjeon-affiliated stores with annual sales of 1 billion won or below from August 10. Among these affiliated stores, traditional markets, merchant streets, good price businesses and social economic enterprises will receive a higher discount of 10%.

From October, the Jeju government will further sub-divide the discount ranges for small-scale affiliated stores, raising the discount rate to 10% for those with annual sales of 500 million won or below. Those that exceed annual sales of 500 million won but do not exceed 1 billion won will receive the current rate of 5%.

In addition, the individual usage limit will be raised to 50,000 won per usage and 150,000 won per month to support smart consumption by users.

Director Choi Myeong-dong of the Jeju Jobs, Economy and Commerce Office commented, “We raised the discount rate for affiliated stores with annual sales of 500 million won or below to provide focused support for small-scale businesses, and also raised the individual limit to stabilize the public livelihood by preventing an economic recession caused by inflation,” and added, “We hope that this measure will aid the livelihoods of many Jeju residents as well as the virtuous cycle of the local economy.”