SEOUL, May 3 (Korea Bizwire) – The government plans to start giving cash payouts to around 2.8 million virus-hit households starting this week, the interior ministry said Sunday.
Under the measure, eligible households — including those under the government’s low-income support or disabled pension scheme — will receive up to 1 million won (US$817) in cash on Monday without going through a separate application process.
In order to receive the payout in cash, all members of the household must be a recipient of the government’s livelihood support, basic pension or disabled pension program.
The exact amount will vary according to the number of family members — ranging from 400,000 won for single-person households to 1 million won for households with four or more family members.
The plan is part of the government’s efforts to minimize the economic fallout from the coronavirus pandemic and boost consumption.
The National Assembly recently approved a supplementary budget bill to fund relief payouts for all households, regardless of their income.
For those who are not eligible for the cash payout, the government will distribute the amount in the form of credit or debit card points, gift cards and prepaid cards.
Recipients can start applying for their chosen form of payout starting May 11, the ministry said.