On 5th, the Ministry of the Interior and Safety announced that President Lee Jae-myung would provide consumer recovery coupons worth 12.1 trillion won, part of the 31.8 trillion won supplementary budget approved at the Cabinet meeting earlier this month, starting from the 21st.
On the same day, the ministry noted, "The first consumer coupon will be distributed to all citizens, with amounts ranging from at least 150,000 won to a maximum of 450,000 won," and added, "In the second phase, an additional 100,000 won will be given to 90% of citizens."
The first consumer coupons will be distributed to all citizens residing in Korea as of June 18 of this year. The basic support amount is 150,000 won per person.
In addition to the basic support amount of 150,000 won, those in lower-income brackets and single-parent families will receive 300,000 won per person, while basic livelihood recipients will receive 400,000 won per person.
Residents in non-capital areas, excluding Seoul, Gyeonggi Province, and Incheon, will receive an additional 30,000 won, while those in regions experiencing a decrease in rural population (84 cities and counties) will receive an additional 50,000 won.
The application period for the first consumer coupons is from 9 a.m. on the 21st to 6 p.m. on September 12.
Consumers can choose to receive their coupons via credit card, debit card, or prepaid card. For those wishing to receive the coupons via credit or debit card, they can use the online services of their card issuer or visit a bank branch.
If they want to receive consumer coupons in the form of prepaid cards or local love gift certificates, they can visit the local government office (e.g., district office) in the jurisdiction of their residence as of June 18. In the case of local love gift certificates, it is also possible to apply through the application (app) or online website of the local government office where they are registered.
However, during the first week of applications both online and offline, to prevent system congestion and overload, a weekday system will be applied based on the last digit of the birth year: ▲Monday 1, 6 ▲Tuesday 2, 7 ▲Wednesday 3, 8 ▲Thursday 4, 9 ▲Friday 5, 0.
It should be noted that consumer coupons are limited to spending in the jurisdiction of the local government office of one's residence. Residents of special cities or metropolitan cities can use them in their respective city, while residents of provincial areas can use them in the city or county corresponding to their residence.
Stores where consumer coupons can be used will have stickers indicating this. Consumers can freely use them at stores that display these stickers, such as marts and supermarkets.
However, consumer coupons cannot be used at large supermarkets, department stores, online shopping malls, delivery apps, or entertainment establishments. They also cannot be used at business sites that exceed annual sales of 3 billion won.
Separately from the first distribution, the second consumer coupons will be provided to 90% of the population, targeting 100,000 won per person through a means-tested process based on health insurance premiums.
Unlike the first distribution, which aimed for quick payment, the second distribution will take a certain amount of time due to the selection process, starting on September 22 and ending on October 31.
The government plans to select 90% of the population for the second distribution based on health insurance premiums, while also developing additional criteria for selecting recipients to ensure equity between regional and workplace health insurance subscribers, potentially excluding high-asset individuals.
Previously, the government submitted a supplementary budget proposal of 10.2987 trillion won to the National Assembly for the purpose of consumer recovery coupon distribution.
However, during discussions in the National Assembly, taking into account local financial capacity, the government increased the ratio of national funding, resulting in an additional increase of about 1.9 trillion won, bringing the supplementary budget for consumer coupons to 12.1709 trillion won. The national funding ratio will rise from 70% to 75% in Seoul, and from 80% to a maximum of 90% in other local areas.
Kim Min-jae, Vice Minister of the Ministry of the Interior and Safety and Director General of the intergovernmental Task Force for Consumer Recovery Coupons, said, "The consumer recovery coupons will serve as a springboard for the recovery of our economy, enabling both broad consumer stimulation and income support for those in need."