The South Korean government has announced it will distribute money among all its citizens to help them spend more and boost the country's economy. Starting July 21, every South Korean citizen who was living in the country as of June 18 will get a one-time payment of 150,000 won (about ₹9,300 or USD 110). These payments will continue until September 12.
The money is part of a big relief package to help people deal with rising living costs and encourage shopping in local markets. The government is calling this cash a “consumption coupon”.
Who will get more money?
Some people will receive more than 150,000 won:
- Poor families on government support will get 400,000 won.
- Single parents and near-poverty families will get 300,000 won.
- People living outside big cities like Seoul will get an extra 30,000 won.
- Those in small villages with falling population will get an extra 50,000 won.
Also read: S Korea's new Prez Lee takes office, vows to engage with North
Who won’t get it?
Most foreigners will not get the money. But people who are married to Koreans, have permanent residency, or are refugees will be included.
How will people get the money?
People can choose to receive the money through:
- Credit/debit cards
- Prepaid cards
- Local gift cards (issued by the government)
Second round coming in September
A second round of payments is planned for September 22 to October 31. It will go to 90% of people based on their income. These people will get an extra 100,000 won (about ₹6,200 or USD 74). Who qualifies will depend on their health insurance contribution, which shows how much they earn.
A government official said they want this cash help to boost the economy and support those who need it most.
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