SEOUL, Feb. 21 (Korea Bizwire) – Electric vehicle (EV) subsidies in South Korea are facing scrutiny as disparities in subsidy amounts, particularly between Tesla’s Model Y RWD and Hyundai’s Ioniq 6, spark debates on potential favoritism towards domestic car manufacturers. The Ministry of Environment, responsible for the subsidy program, has revamped the subsidy structure to favor [...]
SEOUL, Sept. 26 (Korea Bizwire) – The South Korean government has decided to temporarily increase subsidies for electric vehicles (EVs). The government will provide additional subsidies in proportion to the discount offered by EV makers. If EV makers offer a 5 million won discount, the government will provide an additional subsidy of up to 1 million [...]
SEOUL, Aug. 1 (Korea Bizwire) — Unlike in the past, when foreign carmakers mainly released high-priced electric vehicles (EVs) in the Korean market, they are now launching a string of new models with lower prices and improved performance to increase the potential for subsidies. The competition was ignited by U.S. electric vehicle maker Tesla Inc.’s [...]
SEOUL, July 28 (Korea Bizwire) — South Korea is enhancing the size of medical subsidies provided to women pregnant with multiple children. The Ministry of Health and Welfare announced Thursday that medical vouchers for such women, which were previously limited to 1.4 million won (US$1,090), regardless of the number of babies they were carrying (twins [...]
SEOUL, April 27 (Korea Bizwire) — Foreign investors who make investments in South Korea’s national high-tech strategic technologies, such as semiconductors, batteries, and displays, will be eligible for subsidies. The Ministry of Trade, Industry and Energy said Wednesday it held a meeting of the foreign investment committee and deliberated and resolved the revision of operational [...]
SEOUL, Jan. 31 (Korea Bizwire) — The government confirmed Monday this year’s subsidy plans to promote the purchase of hydrogen-powered cars. The Ministry of Environment announced that 16,920 hydrogen fuel cell vehicles will qualify for subsidies this year, including 16,000 passenger cars, 700 buses and 200 trucks and garbage trucks. Individuals and businesses can receive [...]
SEOUL, Jan. 16 (Korea Bizwire) – The childbirth subsidies given out by local authorities nationwide have had a minimal effect in regions with a shrinking population, posing a financial risk, a report showed Sunday. A study recently published by the Korea Institute for Health and Social Affairs made a comparison of childbirth subsidies distributed in [...]
SEJONG, Nov. 10 (Korea Bizwire) — The administrative city of Sejong is coming up with various plans to support residents with pets. The city government announced Wednesday that it will provide subsidies to basic welfare beneficiaries, persons with severe disabilities and seniors in single households for keeping their pets healthy. For each pet per household, [...]
SEOUL, Sept. 19 (Korea Bizwire) – The government decided to extend subsidies for diesel vehicle drivers until the end of this year to help ease their burden from high fuel costs, Finance Minister Choo Kyung-ho said Monday. In May, the government began implementing the subsidy scheme for cargo truck drivers and others using diesel vehicles [...]
SEOUL, Aug. 31 (Korea Bizwire) — South Korea said Tuesday it will introduce parental subsidies to support parents struggling with childbirth and child rearing. The state budget plan for 2023, endorsed by the Cabinet, showed that the government will pay 700,000 won (US$522) each month to families with a child that has yet to turn [...]