99% of eligible households get COVID-19 emergency funds
June 5, 2020
Global Korean Post
By Kim Young Deok and Lee Jihae
Nearly all households eligible to receive emergency government funds to alleviate hardship and guarantee income to low-income earners amid the novel coronavirus disease (COVID-19) have received such assistance.
According to the Ministry of the Interior and Safety, 99.1% or 21.52 million of 21.71 million eligible households had received the funds as of June 4. Worth a combined KRW 13.54 trillion, the funds were doled out as cash, credits to debit and credit cards, and gift certificates.
From May 11, the government began receiving applications for the emergency funds. A family of four is eligible for up to KRW 1 million, all of which must be spent by Aug. 31. The ministry will take back any part of the funds left unspent.
The applications for the funds as credits to debit and credit cards will be accepted through June 5. After that and until Aug. 18, the money will be given as prepaid cards and gift certificates only.
Consumer confidence since late last month has recovered with the release of the emergency relief funds. The Bank of Korea on May 26 announced that the consumer composite sentiment index rose 6.8 points to 77.6 in May from April.