The South Korean government will distribute “high-oil price damage support funds” to 70% of the population, ranging from 100,000 to 600,000 won per person, to alleviate the financial burden caused by rising costs linked to the conflict in the Middle East. Priority payments began on April 27th for recipients of basic livelihood benefits, supplementary livelihood benefits and single-parent families, with the remaining 70% of citizens eligible based on income criteria starting May 18th.
Understanding the Support
Recipients of basic livelihood benefits will receive 550,000 won, whereas those receiving supplementary livelihood benefits or who are single parents will receive 450,000 won. An additional 50,000 won per person will be added for those living outside of the Seoul metropolitan area and in areas experiencing population decline. For the remaining 70% of citizens, payments will vary by region: 100,000 won for those in the Seoul metropolitan area, 150,000 won for those in other areas, 200,000 won for residents of declining population areas designated for preferential support, and 250,000 won for those in declining population areas designated for special support.
Individuals can check their potential payment amount starting April 20th through 20 mobile apps, including Naver, KakaoTalk, and Toss, or via the National Secretary website. Two days before the application date, they will receive notification of the amount, application method, and usage period.
Who is Eligible?
Online applications via credit/check cards and mobile/card-type regional love vouchers are limited to adult beneficiaries applying and charging funds in their own names. Though, minor children (born after January 1, 2008) can apply under the name of the head of the household. Offline applications via credit/check cards are available at bank branches linked to the card, and require the cardholder to apply and receive funds. Prepaid cards and paper/card-type regional love vouchers can be applied for at community service centers, allowing for both individual and proxy applications and receipt. Minors can also apply under the head of household’s name at banks and community service centers.
Foreign nationals are generally excluded from receiving the support funds, as they are intended to alleviate the burden on Korean citizens. However, exceptions are made for those with close ties to Korean nationals. Eligible foreign nationals include those registered on a resident registration with at least one Korean national and are subscribers to national health insurance, medical care benefits, or medical aid, or those in households consisting only of foreign nationals where the head of household is a permanent resident (F-5), marriage immigrant (F-6), or recognized refugee (F-2-4) and is a subscriber to national health insurance, medical care benefits, or medical aid.
Nationals residing abroad who return to Korea between March 30th and July 17th may be eligible to receive the funds by submitting an objection within the objection period (July 17th). Those who became eligible for basic livelihood benefits after the payment standard date (March 30th) can also apply for the corresponding amount by submitting an objection within the objection period (July 17th).
Frequently Asked Questions
What areas are designated as special support regions for population decline?
These regions are among the 89 areas experiencing population decline, and also fall within the lower 58 areas for balanced development and the lower 58 areas assessed for preliminary feasibility studies – a total of 40 cities and counties.
Can I find out my payment amount in advance?
Yes, starting April 20th, you can request an alert service through 20 mobile apps, including Naver, KakaoTalk, and Toss, or the National Secretary website. You will receive notification of the amount, application method, and usage period two days before the application date.
Who is eligible to apply?
Online applications require applicants to be adults and leverage their own credit/check cards or mobile/card-type regional love vouchers. Minors can apply under the head of household’s name. Offline applications at banks require the cardholder to apply and receive funds, while applications at community service centers allow for both individual and proxy applications.
As the government addresses economic pressures, it remains to be seen how these support funds will impact household finances and consumer spending in the coming months.
