South Korea Launches Cash Support Program to Boost Domestic Consumption

Reported by Kokcha News Agency

South Korea has announced a new cash aid program, dubbed “consumption coupons,” aimed at boosting domestic consumption and revitalizing the stagnant economy. According to The Korea Herald, the initiative is part of a 31.8 trillion won ($23.3 billion) supplementary budget approved by the National Assembly on Friday. The program will run from July 21 to September 12.

Deputy Minister of the Interior Kim Min-jae stated, “We will meticulously prepare for these payments to contribute to economic recovery by increasing consumption and supporting those in need.”

How Will Payments Be Made?
All South Korean citizens residing in the country as of June 18 will receive a one-time payment of 150,000 won (approximately $110). The payments will be distributed via credit or debit cards, prepaid cards, or gift vouchers issued by local governments.

Additional support will be provided to vulnerable groups. Households near the poverty line and single-parent families will receive 300,000 won ($220), while those receiving basic livelihood assistance will get 400,000 won ($290). Residents in rural areas will also receive an extra 50,000 won to “balance regional development.”

In the second phase of the program, from September 22 to October 31, the bottom 90% of income earners will receive an additional 100,000 won ($73).