Gunpo's "high-oil-price victim support fund," issued as part of the city's response to rising fuel and consumer prices, expires Aug. 31, the city announced Wednesday.
The fund was distributed to 167,654 residents. As of Aug. 3, the utilization rate stood at 86 percent.
Any unused balance remaining after midnight on Aug. 31 will be automatically forfeited — with no refunds or extensions — and returned to the national and local governments.
The deadline applies equally to all payment methods, including credit and debit cards, prepaid cards, and Gunpo Ae Money, the city's local currency. The fund may be used at local-currency-affiliated merchants and small businesses within Gunpo with annual sales of 3 billion won ($2.13 million) or less. Hypermarkets, entertainment venues, gambling-related businesses and cash-equivalent establishments are excluded.
"This fund was provided to ease the burden on households and help revive neighborhood commerce," Gunpo Mayor Han Dae-hee said. "I urge residents who still have a remaining balance to use it in full before the Aug. 31 deadline, before it expires."
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