ISSUE BRIEFING

KRW 26 Trillion Supplementary Budget Submitted to National Assembly: Up to KRW 600,000 for 35.8 Million Citizens in Bottom 70% Income Bracket

View of the 2nd Emergency Economic Review Meeting. [Photo = Captured from the Blue House website] The government approved a KRW 26.2 trillion supplementary budget bill at a cabinet meeting on March 31 and submitted it to the National Assembly to respond to the high oil price shock stemming from the Middle East conflict. The core of this supplementary budget is the 'High Oil Price Damage Support Fund,' which provides between KRW 100,000 and a maximum of KRW 60,000 per person to approximately 35.8 million citizens belonging to the bottom 70% income bracket.