Minister of Public Administration and Security Yun Ho-jung announces the second payment plan for high oil prices at the Seoul Government Complex in Jongno-gu, Seoul, Monday. Yonhap
Korea will roll out a second batch of cash assistance for the bottom 70 percent of income earners, or about 36 million people, next week, officials said Monday, in an effort to ease financial strains caused by rising fuel prices amid the war in the Middle East.
Last month, the National Assembly approved a 26.2 trillion-won ($17.8 billion) extra budget bill to address the economic fallout from the Middle East conflict, which includes the introduction of the cash assistance plan.
Under the first program launched in April, the government handed out up to 600,000 won to recipients of basic livelihood security and other vulnerable groups.
The government will begin accepting applications next Monday for the second round of the assistance program. Eligible individuals living in the broader Seoul area will receive 100,000 won, while those in areas with declining populations may receive up to 150,000 won each.
People wait to apply for cash assistance for vulnerable groups aimed at easing financial strains caused by rising fuel prices amid the war in the Middle East, at a community center in western Seoul, April 27. Yonhap
Assistance eligibility will be determined by a household's national health insurance payment in March this year. For single-person households, those who paid 130,000 won or less will be eligible.
Meanwhile, households that had assets of more than 1.2 billion won as of last year, or those who earned 20 million won or more in financial income in 2024, will be excluded from the program.
The government will accept applications for the cash assistance through July 3.
Recipients can receive the assistance through their credit and debit cards, prepaid cards or local currency vouchers.
Source: Korea Times News
