Ministry of Finance and Economy at the Government Complex Sejong. [Photo by Kim Yoo-jin]
The government is launching an initiative to gather public ideas aimed at reducing living costs. Focusing on areas with significant household expenses, such as housing, transportation, and communication, the initiative will also explore policies that utilize artificial intelligence (AI) technology.
On May 18, the Ministry of Finance and Economy announced the "2026 Cost of Living Reduction Policy Idea Contest," which will run until July 27. The contest aims to alleviate the financial burden on citizens and discover policies that can be felt in daily life.
This contest is designed to connect creative and practical ideas from the public with policy implementation, particularly in sectors where household spending is high. It will not be limited to traditional policy methods such as legislative amendments or institutional improvements but will also focus on generating cost-saving ideas that incorporate AI technology. The initiative aims to ensure that even those who are less familiar with digital devices can benefit from the latest technological advancements.
Submitted ideas will undergo expert evaluation, and the final rankings will be determined through an online public vote from August 19 to September 2. An awards ceremony is scheduled for October, where the grand prize winner will receive a commendation from the Deputy Prime Minister and Minister of Finance, along with a cash prize of 2 million won. The total prize pool amounts to 5 million won.
On May 18, the Ministry of Finance and Economy announced the "2026 Cost of Living Reduction Policy Idea Contest," which will run until July 27. The contest aims to alleviate the financial burden on citizens and discover policies that can be felt in daily life.
This contest is designed to connect creative and practical ideas from the public with policy implementation, particularly in sectors where household spending is high. It will not be limited to traditional policy methods such as legislative amendments or institutional improvements but will also focus on generating cost-saving ideas that incorporate AI technology. The initiative aims to ensure that even those who are less familiar with digital devices can benefit from the latest technological advancements.
Submitted ideas will undergo expert evaluation, and the final rankings will be determined through an online public vote from August 19 to September 2. An awards ceremony is scheduled for October, where the grand prize winner will receive a commendation from the Deputy Prime Minister and Minister of Finance, along with a cash prize of 2 million won. The total prize pool amounts to 5 million won.
* This article has been translated by AI.
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