Seoul: President Lee Jae Myung on Tuesday called on the government to ramp up efforts to boost domestic consumption alongside universal cash handouts, while also ensuring inflation is kept in check. Lee made the remarks during a Cabinet meeting as the government began issuing cash handouts, called "consumption coupons," following the first round of applications accepted on Monday.
According to Yonhap News Agency, the program offers a one-time payment of 150,000 won (US$108), with residents outside the greater Seoul area and low-income households eligible for payments of up to 450,000 won. President Lee emphasized that while consumption coupons provide some income support, the more fundamental goal is to stimulate consumption. He urged each ministry to prepare additional programs aimed at encouraging domestic consumption.
Lee also warned against the risk of rising prices, calling on the government to implement measures to control inflation. He noted that although the distribution of coupons might cause some inflationary pressure, prices had continued to rise unreasonably for various reasons even before the coupons were distributed. Lee stressed the need for the government to respond swiftly and firmly in managing inflation.