S. Korea's government soon to issue 2nd round of cash handouts to citizens
The government plans to issue the second and final round of cash handouts to citizens under the supplementary budget program later this month to stimulate private consumption and revitalize the economy, the finance ministry said Thursday, Yonhap reports.
The Lee Jae Myung administration drew up a supplementary budget of 31.8 trillion won (US$22.84 billion), part of which was earmarked for "consumption coupons" worth 150,000 won for each citizen residing in South Korea.
As of end-August, 79.8 percent, or 16.5 trillion won, of the budget set aside for cash handouts had been executed, and the government is set to issue the second round of consumption coupons starting Sept. 22, according to the finance ministry.
The bottom 90 percent of the population by income will be eligible for another round of state cash support, widely expected to be worth 100,000 won each.
The supplementary budget can have the greatest effect when fiscal resources are timely injected into each project, including the consumption coupons. It is needed that we make all-out efforts in executing the budget in a timely manner, ministry official Ahn Sang-yeol said.
Earlier, it was reported South Korea aims to enter mass production of humanoid robots in 2029, self-driving cars in 2030.
