The South Korean government announced on April 11 that cash assistance for the bottom 70 percent of income earners will begin rolling out later this month to ease financial strains from rising oil prices amid the Middle East crisis. Around 32.5 million people qualify, with initial payments to the most vulnerable starting April 27.
SEOUL, April 11 (Yonhap) -- The South Korean government announced Saturday that cash assistance for the bottom 70 percent of income earners will begin rolling out later this month as part of efforts to ease financial strains caused by rising oil prices.
The aid will first reach the most vulnerable within that bracket starting April 27 and expand to the broader group on May 18. Approximately 32.5 million people qualify, with payments ranging from 100,000 won (US$67.30) to 600,000 won per person depending on income level and region.
The 6.1 trillion-won cash program forms part of a 26.2 trillion-won supplementary budget bill passed by the National Assembly the previous day to tackle economic fallout from the ongoing Middle East conflict. Earlier that day, the Cabinet reviewed and approved the bill, with Prime Minister Kim Min-seok stating the government "will implement the budget in a speedy and effective way."
Recipients can collect funds via debit cards, prepaid cards, or regional shopping gift cards. The money must be spent by Aug. 31, with unused amounts returned to the state.
