South Korea Begins Cash Assistance Rollout for Vulnerable Groups Amid Rising Oil Prices

SEOUL, April 27 (Yonhap) -- Cash assistance for basic livelihood security recipients and other vulnerable groups began rolling out Monday as part of efforts to ease financial strains caused by rising oil prices amid the war in the Middle East. The government started accepting applications for the funds, which will allocate 550,000 won (US$372) for basic livelihood security recipients and 450,000 won per person for single-parent households and those just above the welfare eligibility threshold. Recipients outside Seoul or those living in areas with declining populations will receive an additional 50,000 won. The applications will run through May 8, with recipients being able to choose the assistance by credit and debit cards, prepaid cards or local currency vouchers. The funds, which will expire Aug. 31, can only be used at small businesses with annual sales of 3 billion won or less, or businesses that accept local currency vouchers. The government is planning a broader rollout of cash assistance for the bottom 70 percent of income earners, with the selection criteria for the recipients to be announced early next month. Earlier this month, the National Assembly approved a 26.2 trillion-won extra budget bill, which includes the cash assistance plan, in an effort to cope with the economic fallout from the Middle East conflict.