Buan County in North Jeolla Province will give a 300,000 won cost-of-living stabilization payment per person to all residents before the Chuseok holiday. As local governments have moved one after another to provide cost-of-living support to counter high inflation and an economic downturn, the regions offering payments are expanding.
The county said on the 6th that it will provide 300,000 won each to all residents as a cost-of-living stabilization payment to reinvigorate the local economy, which has been depressed by high inflation and the economic downturn.
The payment will be provided in the form of a prepaid card that can be used only in the Buan area to spur local consumption and boost small business sales. The county plans to complete the payments before the Chuseok holiday after securing funds by formulating a supplementary budget next month.
This support is the first step toward realizing the core pledge of the 9th popularly elected administration, "Buan-style breezy basic society." The county plans to build a resident-participation revenue-sharing structure that shares revenue generated from renewable energy projects such as solar and wind with residents, and, in the long term, to establish a system to provide a basic income of at least 300,000 won per month to all residents after 2030.
Buan County Chief Kwon Ik-hyeon said, "A basic society is a policy that goes beyond simply expanding welfare to guarantee rights that residents are naturally entitled to and to support their lives more securely," adding, "We hope this payment will provide tangible help in the recovery of the local economy."
With Chuseok approaching, local governments are also rolling out cost-of-living support payments. Uiryeong County in South Gyeongsang Province will provide 500,000 won per person in Uiryeong Love Gift Certificates to residents on the registry, marriage immigrants, and permanent residents. Yeongdong County in North Chungcheong Province also plans to provide a second round of cost-of-living stabilization payments of 300,000 won per resident, and Wanju County in North Jeolla Province will likewise provide 300,000 won per resident in the form of prepaid cards.
Local governments expect that by providing the payments via local currency and prepaid cards, they can ease residents' living cost burdens and stimulate spending in traditional markets and neighborhood shopping districts.