South Korea Rolls Out USD23B Cash Handouts to Revive Spending
(MENAFN) In a bold move to boost consumer spending, South Korea rolled out direct cash handouts on Monday, offering financial relief to citizens as part of a broader government stimulus strategy.
According to media, every South Korean resident — including eligible foreign nationals — began receiving 150,000 won (approximately $108) in direct cash payments, dubbed "consumption coupons."
This disbursement forms a key component of President Lee Jae Myung’s newly announced supplementary budget, totaling 31.2 trillion won ($23.3 billion). In addition to the handouts, the package includes a sweeping debt cancellation for 1.23 million small businesses.
Eligibility extends to all citizens who were living in the country as of June 18. While the base payment remains 150,000 won, further aid will be distributed based on recipients’ income brackets. The vouchers must be used before the end of November.
President Lee, inaugurated just last month, has centered his administration’s focus on improving daily life for the population amid mounting economic pressure. South Korea faces increasing strain from unilateral U.S. tariffs and shaken investor confidence following a failed martial law attempt in December.
Recent polling shows public support for Lee dipping to 62.2% — the first decline since his June 3 election. The drop appears linked to discontent over contentious ministerial appointments.
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