ISSUE BRIEFING

High Oil Price Damage Support Fund: Who Gets It, How Much, How, and When?

As a surge in international crude oil prices sparked by the prolonged Middle East war directly hits South Korean household economies, the government has begun distributing 'High Oil Price Damage Support Funds' through a massive supplementary budget. With global crude oil prices exceeding $100 per barrel, the government formulated a 26.2 trillion won supplementary budget to provide differential support ranging from a minimum of 100,000 won to a maximum of 600,000 won per person for citizens in the bottom 70% of income brackets.