to Provide ₩250,000 to All Citizens! Lee Jae-myung Government's No. 1 Task 'Reviving Livelihoods'... How to Apply, Payment Date? (Comprehensive Summary of Information to Date)

추진 to Provide ₩250,000 to All Citizens! Lee Jae-myung Government's No. 1 Task 'Reviving Livelihoods'... How to Apply, Payment Date? (Comprehensive Summary of Information to Date)

Amidst a severe domestic recession and the deepening hardship caused by the 'quadruple whammy' of high prices, high interest rates, and high exchange rates, the Lee Jae-myung government is strongly 추진 a plan to provide ₩250,000 per person to all citizens as its first national task, 'Reviving the People's Economy,' drawing nationwide attention. The Democratic Party of Korea plans to secure these funds through the 편성 of a supplementary budget (추경) exceeding ₩21 trillion. Let's comprehensively summarize the information to date on why this policy is being 추진d, who the payment recipients are, the payment date, and how to apply.

Why '₩250,000 to All Citizens' Now? (Background)

Currently, the Korean economy is experiencing a severe domestic recession. The number of self-employed individuals has fallen to levels lower than during the Asian financial crisis, and self-employed loans, which have surged by over 50% in six years, are being called a ticking time bomb for the economy.

The government and the ruling party have introduced a plan to directly support the spending power of all citizens as a 'priming water' to overcome this crisis situation. Jin Seong-joon, chairman of the Democratic Party of Korea's Policy Committee, emphasized the necessity of the policy, saying, "There is so little spending power among the lower and middle classes, so directly supporting them needs to be considered." In other words, the goal is to create a 'virtuous cycle of the economy' by directly injecting money into people's wallets to stimulate consumption, with that money flowing into neighborhood commercial districts to revitalize the local economy.

Payment Method and Expected Effects? (The Power of Local Currency)

The ₩250,000 to be provided this time is highly likely to be provided in the form of 'local currency' with a set expiration date, rather than 'cash'.

What is Local Currency? It is a currency that can only be used within a specific region (city, county, district), with usage restricted at department stores, large supermarkets, and online shopping malls.
Expected Effects: By limiting the places of use to neighborhood stores, restaurants, traditional markets, and other neighborhood commercial districts, the effect is to guide the support funds to flow directly to small business owners and the self-employed, rather than large corporations. In addition, because it must be used within a set period, it is not saved and quickly leads to actual consumption, maximizing the short-term economic stimulus effect.

Most Frequently Asked Questions: 'How to Apply, Eligibility, Payment Date' (Anticipated Plan Based on Past Examples)

※ Important: The information below has not been officially announced by the government and is a summary of anticipated methods based on similar cases such as past COVID-19 재난지원금 (disaster relief funds). You must check for official announcements in the future.

Eligibility: "All Citizens" in Principle
According to discussions so far, the principle is to provide ₩250,000 per person to all citizens of the Republic of Korea, regardless of income or assets.

However, the possibility of some adjustments to the eligibility criteria in the future, depending on financial conditions or National Assembly discussions, cannot be ruled out.
Payment Timing: Expected Within 'One to Two Months' After National Assembly Approval of the 추경안
The payment timing will depend on when the 'supplementary budget proposal' is approved by the National Assembly.

Looking at past examples, it is expected that it will take about 1-2 months from the time the supplementary budget is approved by the National Assembly to the actual payment.
How to Apply: Likely to Operate Both Online and Offline
To ensure public convenience, it is highly likely that both online and offline applications will be accepted, as in the past.

Online Application: The most likely method is to easily apply through the website or app of the credit card/check card company you use and receive points charged to that card. In addition, you may be able to use public sites such as Government24.

Offline Application: For those who have difficulty applying online, a method of applying with an ID card at the administrative welfare center (community center) or affiliated bank branch in the jurisdiction of your address and receiving payment in the form of a prepaid card or local gift certificate will be operated in parallel.

찾아가는 신청 (Outreach Application) / Automatic Payment: For vulnerable groups such as the elderly or disabled who have difficulty getting around, there is also the possibility of operating a ' 찾아가는 신청 (outreach application)' service or automatically paying them into existing welfare benefit accounts without a separate application.

Can it Revitalize the Local Economy?

With consumer sentiment gradually showing signs of recovery, it remains to be seen whether the new government's first national task, "using state finances as priming water to revive the virtuous cycle of the economy," will succeed.

What Do You Think About the Plan to Provide ₩250,000 in Local Currency to All Citizens?

Do you think this policy will be of practical help in solving the domestic recession and the difficulties of the neighborhood commercial districts that we are currently experiencing?
If you were to receive ₩250,000, where would you want to use it first? Please share your wise consumption plans!
We will continue to monitor the government's official plans to be announced in the future and hope that this policy will lead to results that empower both ordinary people and the self-employed.