To stimulate domestic demand, the authorities of South Korea have decided to give each citizen $110. As reported by Glavcom, this information was provided by the local publication The Korea Herald.
According to the plan, all citizens residing in the country on June 18 – the day before the program was announced – will receive a one-time payment of 150,000 won (approximately $110).
Additional targeted aid will be provided depending on income levels in rural areas. People from households living on the edge of poverty and single-parent families will receive 300,000 won ($219), while recipients of basic living assistance will receive 400,000 won ($292).
The Initiative Aims to Support Domestic Consumption
The initiative aims to support domestic consumption. Foreigners will not be able to participate in the program, while permanent residents, known as 'marriage' immigrants (people who obtained residency rights after marrying South Korean citizens) and refugees who are legally in the country are eligible for assistance.
- Citizens can choose from several ways to receive the payment: via credit or debit cards, prepaid cards, or gift certificates issued by local authorities.
- The distribution of money will last for eight weeks until September 12. The second round of payments, scheduled for the period from September 22 to October 31, will provide an additional 100,000 won ($73) to citizens.
South Korea plans to allocate $110 to every citizen to stimulate domestic demand. This initiative also includes additional payments for individuals in difficult living conditions and promotes domestic consumption while excluding foreigners.