The ruling Democratic Party(DP) and the government on Friday agreed to provide cashback rewards to high income credit card users as part of efforts to encourage post-pandemic spending.

The agreement was reached during consultations on the government's economic policy direction for the second half of this year.

DP policy chief Park Wan-joo said the rewards will be offered for the increased amount of credit card use. He added that details on eligibility and scope will be finalized when the two sides meet next week to discuss the extra budget.

Instead of universal COVID-19 relief payouts, the DP and the government are reportedly considering stimulus checks to those in the bottom 80-percent income bracket and up to 300-thousand won in credit card rewards to those in the top 20 percent.

The two sides also agreed to push policies in the second half aimed at supporting exporters, securing future growth momentum and accelerating the Korean New Deal, as well as creating jobs and supplying affordable homes for young people.