The South Korean government has launched one of the largest direct payment programs in the country's history to support domestic market activity. According to Korea Herald, this time every citizen permanently registered in the country—about 50 million people—will receive a one-time “consumer certificate” worth 150,000 won ($110).
According to the government’s official statement, certificates can be obtained from July 21 to September 12, and their validity period is set until November 30. The main purpose of this program is to stimulate domestic consumption and retail trade, support household incomes, and maintain economic stability under inflationary conditions.
The payment amount varies depending on the citizen’s social status. For low-income and single-parent families, the amount is 300,000 won ($220) per person, and social benefit recipients will receive 400,000 won ($293). Rural residents receive an additional 30,000 won ($22), and residents of municipalities with special status receive another 50,000 won ($36).
Of particular note is that all payments are made via credit and debit cards of recipients and students, as well as special certificates or debit cards. However, funds can only be spent in the area of residence and cannot be taken out of the country.
Government sources note that payments are provided only to citizens. However, those with permanent residence permits, spouses of Korean citizens, and refugees are exceptions.
From September 22 to October 31, the second stage of the program will take place. During this period, 90 percent of the population—except for the 10 percent with the highest income—will be able to receive an additional payment of 100,000 won ($73).
According to experts, this comprehensive program is important for stimulating the Korean economy through domestic consumption. Read 'Zamin' on Telegram!
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