The Ministry of SMEs and Startups (Minister Han Seongsook, hereinafter "the Ministry") announced on Thursday, October 16 that approximately 10.58 million people applied during the first month of the "Sangsaeng Payback" (상생페이백) program, and that a total of KRW 241.4 billion was disbursed in September. 

The "Sangsaeng Payback" initiative reimburses 20% (up to KRW 100,000 per month) of the increase in card spending in each month from September through November - compared with the previous year's monthly average - for Korean nationals aged 19 and above, in the form of a digital "Onnuri (온누리)" gift certificate. 

Applications opened on September 15, and during the first month (September 15 to October 14) about 10.58 million people applied. Regionally, 54% of applications (approximately 5.7 million) came from the Seoul-Gyeonggi-Incheon metropolitan area. Among other regions, Busan (6.4%) and Gyeongnam (6.0%) recorded the next highest application rates. By age group, those in their 30s accounted for 25.4%, 40s 24.8%, and 50s 19.6% of the applicant pool. 

As of October 9, among those who had completed applications, 4.15 million people (about 41% of eligible applicants) saw their September spending exceed their previous-year monthly average and thus qualified for reimbursement. On October 15, the Ministry disbursed KRW 241.4 billion to the qualifying recipients, with an average payment per person of approximately KRW 58,155. 

The sum of KRW 241.4 billion reflects reimbursement of 20% of the increased card spending (excluding department stores, outlet malls, large-scale supermarkets and online shopping platforms) relative to the previous year. It is estimated that the resultant spending stimulus effect amounted to approximately KRW 1.207 trillion (five times the reimbursed amount), contributing to increased sales for small and medium-sized enterprises (SMEs), micro-enterprises and traditional markets. 

Moreover, even individuals who applied after October 10 will still receive the September reimbursement retrospectively - provided their September spending exceeded last year's monthly average - with payment scheduled when the October reimbursement is issued on November 15. 

Lee Dae-geon, Director-General of the Small and Micro Business Policy Bureau at the Ministry, remarked: "The Sangsaeng Payback program is a policy in which each and every citizen's participation in consumption becomes a driver of the livelihood economy. We will continue to promote it actively over the remaining period to enable more people to enjoy the reimbursement benefit."