Photo: Interior Ministry holds a hearing for consumption coupons. Credit: Ministry of Interior and Safety.
One of the new administration’s biggest priorities has been an economic stimulus package, to provide a lifeline for South Korea’s flagging domestic consumption. On June 19, the Ministry of Strategy and Finance 기획재정부 announced a new supplemental budget, which includes KRW 13.2t (USD 9.7b) in “consumption coupons 소비쿠폰.”
Starting in July, the government will issue two rounds of coupons, totaling KRW 250k (USD 184) per person for most Koreans. The top 10% earners will receive KRW 150k per person, while those at the lowest income level will receive up to KRW 500k per person. The program is similar to the “basic income 기본소득” programs that Lee Jae-myung 이재명 pursued as the governor of Gyeonggi-do Province 경기도, which also included free school uniforms and subsidies for maternity care.
