NATIONWIDE DISASTER RELIEF FUND

[Anchor Lead]

The National Assembly passed the second supplementary budget plan, rendering 88% of the Korean people eligible for the COVID-19 disaster relief fund. But unlike last year when every citizen got aid money, it is likely to take a long while this time to determine who will get the financial grant.

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88% of the Korean population stands to receive 250,000 won in COVID-19 disaster relief fund. The list of recipients will likely be decided by mid-August at the earliest. Recipients are chosen based on combined household income. It will take some time to calibrate income data and household information, as double-income and single-person households became eligible for the financial aid.

[Soundbite] Kim Boo-kyum(Prime Minister) : "The National Assembly has agreed to expand the recipient pool. The government will now focus on prompt and easy payment."

However, the actual payment is expected to take place after late August given the disease control situation and vaccination rate. The monthly income ceilings for single-income households are 5.56 million won for two-member households, 7.17 million for three-member ones, and 8.78 million for four-person households. Double-income homes will also be eligible for aid by categorizing them as having one additional member per household. Therefore, the monthly income cutline for this group comes to 7.17 million won for two-person households, 8.78 million won for three-person ones and 10.36 million won for four-member households. Because single-person households, mostly consisting of elderly and young citizens, report lower average income than the rest of the population, the ceiling for one-person households has been raised from 3.29 million won to 4.17 million to make more people eligible for aid. Recipients of basic livelihood security checks stand to receive 100,000 won more per person. People with a lot of assets will not be eligible for the relief even if they fall within the income criteria. The government is looking to exclude individuals who own a home worth more than 1.5 billion won in declared price or 2.1 billion won in market price as well as holders of work-subsidized health insurance policy with more than 20 million won in annual financial income.