South Korea gives money to every citizen to stimulate the economy

South Korea is trying to stimulate consumption by giving direct money to people to boost the economy, nearly 6 million VND/person, with a promise of a second round later this year.

According to the Korea Times, the Korean government will start providing cash support to all citizens from July 21, in order to stimulate domestic consumption.

The move comes after the government's cabinet approved a supplementary budget worth 31.8 trillion won (about 23.3 billion USD), which was passed by the National Assembly on July 4. This is the highlight of the first supplementary budget under President Lee Jae Myung.

According to the plan, all Korean citizens residing in the country as of June 18 will receive a first aid payment of 150,000 won (about 2.8 million VND). More disadvantaged groups will receive higher amounts: near-poor households and families with only one parent will receive 300,000 won (about 5.6 million VND), and those receiving basic living allowance will receive 400,000 won (up to 7.5 million VND).

To promote balanced regional development, residents outside the Seoul metropolitan area (Gyeonggi, Incheon) will receive an additional 30,000 won. Residents of 84 rural/fishery areas with declining populations will receive an additional 50,000 won.

The second round of support, scheduled from September 22 to October 31, will continue to provide 100,000 won to the lowest 90 percent of the population, based on their health insurance premiums. Vice Interior Minister Kim Min-jae stressed that the program will be effective in stimulating spending while providing support to the right people.

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https://www.koreatimes.co.kr/business/banking-finance/20250728/dont-miss-out-spend-your-consumption-vouchers-and-get-extra-50000-won

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