South Korean govt to provide cash handouts to citizens to boost domestic consumption
This came after South Korean President Lee Jae Myung and his cabinet approved a 31.8 trillion-won ($23.3 billion) supplementary budget in the National Assembly yesterday.
According to the plan, the citizens who is residing in the country as of June 18 will receive a one-time payment of 150,000 won, The Korea times reported.
The plan also includes Additional targeted assistance, which will be provided on the basis of income levels.
The single-parent families and the individual in near-poverty households will receive 300,000 won. While the recipients of the basic living allowance will get 400,000 won.
In order to promote balanced regional development, the residents living outside the greater Seoul area, including Gyeonggi Province and Incheon, will be provided extra 30,000 won. While, 84 designated rural and fishing communities facing population decline nationwide will be granted an additional 50,000 won.
According to The Korea Times, A second round of payments, scheduled between Sept. 22 and Oct. 31, will provide an additional 100,000 won to the bottom 90 percent of income earners.
The South Korean Vice Interior Minister, Kim Min-jae, who heads the interagency task force overseeing the program, said, 'We will ensure thorough preparations for the rollout of these payments so that they can serve as a catalyst for economic recovery by boosting consumption and supporting those in need'.
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