SEOUL, April 10. /TASS/. The National Assembly of the Republic of Korea has approved a supplementary budget bill that includes cash payouts to 70% of the population as support amid the energy crisis surrounding the Strait of Hormuz, according to the voting results.
Approximately 35 million people, or 70% of the population, will receive financial aid ranging from 100,000 won (about $67) to 600,000 won (approximately $405). The remaining 30% are ineligible for the payments due to their higher income levels compared to the majority.
The amount of assistance depends not only on wealth but also on place of residence. Residents of the regions and members of socially vulnerable groups will receive additional payments.
The government has proposed a supplementary budget to support the economy in response to the energy crisis, estimated at 26.2 trillion won (approximately $17 billion). Direct payments will amount to 4.8 trillion won ($3.1 billion). The budget also includes funds for municipalities, fuel price ceiling support, and youth employment programs.
The opposition called the cash handout a populist measure ahead of local and regional elections in June. 214 of the 244 members of parliament voted in favor of the initiative. Eleven members voted against, and 19 abstained.