South Korea Offers Cash to Citizens
(MENAFN) South Korea is rolling out a large-scale cash distribution program, offering what authorities are calling “consumption coupons” in an effort to stimulate domestic demand and breathe new life into the nation’s stagnant economy, according to a news agency.
This effort is a component of a supplementary budget worth 31.8 trillion won (approximately USD23.3 billion), which received approval from the National Assembly last Friday.
The program is set to commence on July 21 and will continue until September 12.
“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,” stated Vice Interior Minister Kim Min-jae, who is in charge of the interagency task force managing the initiative.
All individuals living in South Korea as of June 18 will be eligible for a one-time payout of 150,000 won (about USD110).
These funds will be distributed using credit or debit cards, prepaid cards, or vouchers issued by local governments.
Special assistance will also be provided to at-risk populations. Low-income households and single-parent families will be granted 300,000 won (roughly USD220), while recipients of the basic living subsidy will obtain 400,000 won (around USD290).
Additionally, individuals residing in farming or countryside regions will be given an extra 50,000 won to help foster “balanced regional development,” as noted by the Interior Ministry.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
