Who gets Korea's cash handouts? Rules for foreign residents explained
Foreign residents living with Korean nationals may be eligible for South Korea's new cash handout program, which aims to revive consumer spending and bolster household income starting July 21.
Backed by a supplementary budget of 31.8 trillion won ($23.3 billion), the program offers a one-time payment of at least 150,000 won (about $110) to all Koreans residing in the country as of June 18.
"The purpose of the 'consumption coupons' is to stimulate sluggish spending, revitalize the local economy, and support Korean incomes. Therefore, in principle, foreigners are excluded,' Vice Interior Minister Kim Min-jae said at a briefing on Saturday.
Still, he noted that some exceptions apply.
Foreign nationals may qualify if they are listed on the same household registration as at least one Korean and are enrolled in the national health insurance system, either as a subscriber or dependent, or if they receive medical aid.
They may also apply if they are permanent residents with an F-5 visa, marriage migrants with an F-6 visa, or recognized refugees with an F-2-4 visa and are covered by national health insurance or medical aid.
Korean citizens who have been staying abroad can also receive the payment if they return to Korea between June 18 and Sept. 12 and verify their entry records.
A second rollout of the subsidy program is planned for September, with 90 percent of all Koreans eligible to receive a fixed payment of 100,000 won. Eligibility will be determined based on income and asset levels. For foreign nationals and refugees, the same criteria apply as in the first program.
And if you live outside the greater Seoul area or in designated regions facing rapid population decline, you will receive an additional 30,000 or 50,000 won.
The coupons can be used at small local businesses with annual revenue under 3 billion won, including traditional markets, neighborhood supermarkets, restaurants, barbershops and beauty salons.
They cannot be used at major discount chains, department stores, duty-free shops, or directly operated franchise outlets.
Applications and distribution will continue for eight weeks through September 12.
Payments will be issued via credit or debit cards, prepaid cards, or local government-issued gift certificates.
The money can be used until Nov. 30. Any unused balance after that date will be returned to the government.
ssh@heraldcorp.com
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