South Korea commenced distributing cash assistance on Monday to individuals receiving basic livelihood security benefits and other vulnerable groups, aiming to alleviate economic pressures stemming from oil price increases caused by conflicts in the Middle East.
Applications are now being accepted. Recipients of basic livelihood security benefits will receive 550,000 won (approximately $372), while single-parent families and individuals with incomes slightly above the welfare eligibility threshold will each receive 450,000 won.
An additional 50,000 won will be provided to recipients residing outside Seoul or in areas experiencing population decline.
The application deadline is May 8. Beneficiaries can choose to receive the aid via credit card, debit card, prepaid card, or local currency vouchers.
The funds must be used by August 31 and are restricted to small businesses with annual sales not exceeding 3 billion won or merchants that accept the local currency vouchers.
The South Korean government plans to expand the cash aid program to cover the bottom 70% of income earners. The criteria for selecting beneficiaries will be announced early next month.
Earlier this month, the National Assembly approved a supplementary budget totaling 26.2 trillion won, which includes this cash assistance initiative, designed to mitigate the economic impact of the Middle East conflict.
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