Seoul: Applications for another round of a government voucher scheme offering cash handouts to the public began Monday in an effort to stimulate private consumption.
According to Yonhap News Agency, the scheme will see about 90 percent of all citizens eligible for handouts worth 100,000 won (US$72) per person in the form of "consumption coupons." Applications are open from 9 a.m. and will close on October 31.
Unlike the first-round handouts, this round excludes households with high income or those with a property tax base exceeding 1.2 billion won last year or financial income over 20 million won. While foreigners are generally excluded, exceptions are made for those registered on resident registration cards, including South Koreans, and those subscribed to state health insurance. Permanent residents, marriage immigrants, and recognized refugees covered by state health insurance are also eligible.
Applicants can verify their eligibility through credit card companies or local community centers. The payment can be received via credit or debit cards, prepaid cards, or local government-issued gift certificates. To manage application traffic, designated days for application submission have been set based on the last digit of an individual's birth year. Applications for digits 1 and 6 are on Monday, 2 and 7 on Tuesday, 3 and 8 on Wednesday, 4 and 9 on Thursday, and 5 and 0 on Friday.
The coupons cannot be used at large supermarkets and department stores. Both the first and second rounds of handouts are valid until November 30, after which any remaining balance will expire. A total of 50.08 million people, representing 99 percent of the country's population, applied for the first-round handouts, totaling 9.06 trillion won.