The second round of "people's livelihood recovery consumption coupons" began on the 22nd. Unlike the first round, the second coupons give 100,000 won each to the bottom 90% by income. Even without an asset, if your income is high—or even without income, if you own high-priced real estate—you cannot receive them.
Self-employed people said, "The first coupons were paid out, but the economy did not pick up as much as expected," adding, "With the second coupons paid out ahead of Chuseok, we hope business is good this time." Those excluded from the second round are expressing dissatisfaction.
◇ "Still haven't even bought a home" "Just lived there for 30 years" frustration
The "top 10% by income" were left out of the second-round recipients. For a family of four, if the employee-paid health insurance premium in Jun. this year was 510,000 won or more (for workplace subscribers; 500,000 won for regional subscribers), you cannot receive the coupons. Those with 20 million won or more in financial income such as interest and dividends last year were also excluded.
Even if your income is lower than that, if last year's total assessed tax base for property tax exceeds 1.2 billion won, the coupons will not be paid. For single-home households, the officially assessed price of the dwellings must exceed 2.66666 billion won. This means you could still receive the second coupons even if you own an apartment that transacts for about 4 billion won. The officially assessed price of a 34-pyeong Eunma Apartment in Daechi-dong, Gangnam-gu, Seoul, with a market price of 3.8–4.1 billion won, is around 1.8 billion won.
Young people without homes but with high incomes who could not receive the second coupons voiced complaints. A person surnamed Kang (39), a husband in an accountant couple living on a jeonse in an apartment in Eunpyeong-gu, Seoul, said, "We haven't even bought a home yet, but they won't give us the 100,000 won coupon because my annual salary is high," adding, "It feels unfair."
A person surnamed Yeom (68), who lives in Mok-dong, Yangcheon-gu, said, "I've lived in Mok-dong for over 30 years. After retiring, all I have is one home, and I'm living there, not for speculation," adding, "Shouldn't cases like this be recognized?"
◇ "Whether I can get the coupons or not…" Confusion over unclear guidance messages
As with the first round, applications for the second coupons opened at 9 a.m. on each card company's website or app. A person surnamed Park (38) said, "I applied through a commercial bank app, and a screen said I had to wait about two minutes. When the wait ended, it crashed," adding, "I had to apply again from the start, which was inconvenient."
Citizens not eligible for payment were confused by guidance messages that lacked clarity. A person surnamed Yoo (75) said, "When I pressed the apply button, a message popped up saying, 'You cannot apply because eligibility could not be verified,'" adding, "I was flustered because I couldn't tell whether I was ineligible or needed to go through some separate process."
An official at a credit card company said, "Today we are accepting applications only from customers whose birth years end in 1 or 6. If that does not apply to you, or if you are among the excluded 10%, that message appears," adding, "If you judge that you are not in the 'top 10% by income' and are eligible, you can file an objection on the e-People website or at your eup/myeon/dong administrative welfare center."
◇ Sales only "spiked" when coupons were released in late July… Before and after, "revenue fell"
The government said the first coupons of 150,000–400,000 won, which began distribution on Jul. 21, had the effect of reviving the economy. According to the July industrial activity trends released by the Ministry of Economy and Finance, retail sales rose 2.5% from the previous month. Specialty retailers (4.7%) and convenience stores (3.8%) saw large increases. According to the Ministry of the Interior and Safety, 66% of the coupons were used at restaurants, grocery stores, and convenience stores.
However, many self-employed people said that only July consumption "briefly" improved, and August sales were actually worse than before.
A person surnamed Kim (36), who runs a clothing store in Singil-dong, said, "Before the July coupons came out, people stopped buying and sales plunged, then when the coupons were released, sales increased only slightly above usual," adding, "Because the coupons were handed out in two rounds, August sales fell again."
A person surnamed Lee in their 60s, who runs a Korean restaurant in Daerim-dong, Yeongdeungpo-gu, said, "When the coupons were released at the end of July, business was good, but it soon quieted down. It seemed people were waiting for the second round of coupons."