A store displays a sign saying it accepts government cash aid amid the Middle East crisis at a traditional market in Seoul, Sunday. Yonhap
Korea on Monday began to receive applications for a second round of cash assistance from the bottom 70 percent of income earners in a bid to help ease financial strain from rising fuel prices amid the Middle East conflict.
The government aims to provide the support to about 36 million people, with eligible individuals in the broader Seoul area receiving 100,000 won ($66.80), while those in areas with declining populations may receive up to 250,000 won.
Last month, the National Assembly approved a 26.2 trillion-won 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 per person to recipients of basic livelihood security and other vulnerable groups.
Eligibility for the second round of assistance will be determined by a household's national health insurance payment in March. For single-person households, those who paid 130,000 won or less will be eligible.
That translates to an annual income of about 43.4 million or less for single-person households.
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.
The funds, which will expire Aug. 31, can be used at gas stations or small local businesses with annual sales of 3 billion won or less.
Those who held assets exceeding 1.2 billion won as of last year or earned more than 20 million won in financial income in 2024, however, will not be eligible for the program.
Source: Korea Times News
