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Payments of US$ 220 for those whose annual household income is below 88th percentile
Updated: 2021-07-25 09:06:14 KST
South Korea's political parties have agreed on relief payments of 250-thousand won, or about 220 U.S. dollars per person.
But they will only be for people with an annual household income below the 88th percentile.
For single people, that threshold is 50 million won, or about 43-thousand dollars but for larger households, it'll be higher.
Single parents and those who earn less than half of the median income can get an additional 88 dollars.
People can receive the relief aid through debit or credit cards.
The government plans to distribute the money about a month after the budget proposal gets passed at the National Assembly.
Small business owners hit by the pandemic will get payments of up to 20 million won, or about 17-thousand dollars.
The extra budget will also be used to compensate medical facilities, treat COVID-19 patients and feed undernourished children.
Drivers of public transport like taxis and city buses can receive 800-thousand won, or 700 dollars but they can't receive both types of relief funds.
However, the budget allocated for the credit card cashback incentive scheme has been reduced to 600 million dollars in total down from 955 million dollars.
The round of pandemic relief payments from the second extra budget is worth more than 30 billion dollars in total.
It's roughly one.six billion dollars higher than the amount set previously.
Jang Tae-hyun, Arirang News.
Reporter : tommyjang@arirang.com