South Koreans likely to receive up to W500,000 in cash relief
The government is considering including a cash relief program in the second extra budget bill that would give every South Korean citizen a handout of 150,000 to 500,000 won ($110 to $367), sources said Monday.
The amount of money received per person would be determined based on household income, calculated on the basis of national health insurance premiums.
All South Koreans would receive 150,000 won regardless of their income bracket. Those in the bottom 90 percent of the income bracket would then receive additional funds that could add up to 500,000 won, depending on their bracket. Recipients in lower brackets would receive a larger amount of cash support.
Discussion of the cash relief program came as several reports say that the government is gearing up to announce an additional supplementary budget bill worth at least 20 trillion won to buoy the economy. The Ministry of Economy and Finance has entered the final stages of drafting the budget plan, which would likely include a cash handout program to spur domestic consumption and support the livelihoods of the people.
Regarding the possible cash handout plan, an official at the Finance Ministry said that 'the specific details of the supplementary budget bill has yet to be determined.'
Last month, the National Assembly passed a 13.8 trillion won extra budget proposal. The plan included vouchers for small businesses and export-reliant firms hit by the Donald Trump administration's tariff scheme.
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