South Korea rolls out $17.8B aid for struggling households amid economic strain
South Korea has approved a 26.2 trillion won ($17.8 billion) supplementary budget to support vulnerable groups affected by economic challenges linked to the Middle East conflict. The funding includes a new round of cash assistance, with applications opening next Monday for eligible residents in Seoul and areas with declining populations.
The first phase of cash support began in April, offering up to 600,000 won to those receiving basic livelihood security and other at-risk groups. Now, a second round will provide 100,000 won to eligible individuals in Seoul, while those in regions with shrinking populations could receive up to 150,000 won.
Eligibility depends on national health insurance payments from March this year. Single-person households paying 130,000 won or less qualify, but those with assets exceeding 1.2 billion won or financial income over 20 million won in 2024 are excluded. The funds must be spent at small local businesses with annual sales below 3 billion won and will expire on August 31. Recipients can access the assistance via credit or debit cards, prepaid cards, or local currency vouchers. Applications will remain open until July 3.
The government’s cash assistance aims to ease financial strain for qualifying households while boosting small businesses. With strict eligibility rules and a clear spending deadline, officials hope the funds will provide timely relief before the August 31 cutoff.
Read also:
- India's Agriculture Minister Reviews Sector Progress Amid Heavy Rains, Crop Areas Up
- Sleep Maxxing Trends and Tips: New Zealanders Seek Better Rest
- Over 1.7M in Baden-Württemberg at Poverty Risk, Emmendingen's Housing Crisis Urgent
- Life Expectancy Soars, But Youth Suicide and Substance Abuse Pose Concern
