South Korea will begin distributing a second round of cash assistance next week to about 36 million people in the bottom 70 percent of income earners. The move seeks to ease financial strains from rising fuel prices amid the war in the Middle East, following an initial April rollout to the most vulnerable groups.
Last month the National Assembly approved a 26.2 trillion-won supplementary budget to address the economic fallout from the Middle East conflict. The first round of aid, launched in April, provided up to 600,000 won to recipients of basic livelihood security and other vulnerable groups.
Applications for the second round open next Monday. Eligible individuals in the broader Seoul area will receive 100,000 won, while those in areas with declining populations may receive up to 250,000 won. Eligibility is based on March national health insurance payments, and households with assets over 1.2 billion won last year or more than 20 million won in 2024 financial income are excluded.
Interior Minister Yun Ho-jung said in a briefing, "The high-oil price support fund is expected to reduce the people's burdens stemming from the prolonged war in the Middle East and revive dampened consumption." The funds expire on August 31 and can only be used at small local businesses with annual sales of 3 billion won or less.
