A 26.2 trillion won supplementary budget to ease household burdens from the Middle East war passed the Cabinet on the 11th.
The government held an extraordinary Cabinet meeting that morning at Government Complex Seoul, presided over by Prime Minister Kim Min-seok, and reviewed and approved the supplementary budget bill that passed the National Assembly the previous day.
Under the supplementary budget, about 32.56 million people in the bottom 70% by income will receive a "high oil price damage support payment" ranging from a minimum of 100,000 won to a maximum of 600,000 won per person. A total of 4.8 trillion won is allocated for the program.
The government will make a first-round payment within this month to basic livelihood security recipients and the near-poor, and, for the bottom 70% by income, will carry out screening through a task force (TF) of the relevant ministries to execute the payments as swiftly as possible.
The supplementary budget bill also includes 4.2 trillion won to support a petroleum price cap to respond to the energy supply crisis. It also reflects funding to temporarily discount the K-Pass, a public transit fare rebate service, by 50%, and to cover the difference in naphtha import costs, among others.
It also contains support measures for fuel cost-linked subsidies for farmers and fishers and to ease the fuel cost burden for coastal passenger ships.
This supplementary budget bill is the second since the launch of the Lee Jae-myung administration. To address concerns over inflation and an economic slowdown due to the prolonged Middle East war, the government submitted the supplementary budget bill to the National Assembly on the 31st of last month, and it passed the Assembly's plenary session the night before with bipartisan agreement.
Prime Minister Kim Min-seok said, "We must accelerate finalizing project plans and execution so the effects of the supplementary budget can be felt as soon as possible," adding, "Quickly finalize the criteria for selecting recipients of the high oil price damage support payment and the payment procedures, and execute without a hitch."
Kim also ordered, "Personally oversee programs that require cooperation from local governments or related agencies, such as emergency welfare for crisis households, public transit fare rebates, and energy vouchers."