South Korea begins distributing cash aid to vulnerable groups to ease economic pressure from rising oil prices
Source: Global Market Briefing
On Monday, the South Korean government began distributing cash aid to recipients of basic living allowance and other vulnerable groups to ease the economic pressure caused by rising oil prices due to the Middle East conflict.
The government has started accepting applications. Recipients of basic living allowance will receive 550,000 won (approximately $372), while single-parent families and those whose income is slightly higher than the welfare threshold will each receive 450,000 won.
Recipients living outside Seoul or in depopulated areas will receive an additional 50,000 won.
The application deadline is May 8. Recipients can choose to receive the aid through credit card, debit card, prepaid card, or local currency vouchers.
The funds will expire on August 31 and can only be used at small businesses with annual sales not exceeding 3 billion won or merchants that accept local currency vouchers.
The South Korean government plans to expand cash aid to the bottom 70% income group, with the selection criteria for beneficiaries to be announced in early next month.
Earlier this month, the South Korean National Assembly approved a supplementary budget totaling 26.2 trillion won, which includes this cash aid program, aimed at addressing the economic impact of the Middle East conflict.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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