[Breaking] 26 Trillion Won 'War Supplementary Budget' Approved...High Oil Price Support Up to 600,000 Won

The Financial News reported that the government has finalized a supplementary budget plan totaling 26.2 trillion won. The measure is intended to ease the financial burden on households caused by the prolonged war in the Middle East.
On the 11th, the government convened an extraordinary Cabinet meeting chaired by Kim Min-seok and reviewed and approved the supplementary budget bill that passed the National Assembly of the Republic of Korea the previous day. The National Assembly of the Republic of Korea had passed the bill in a full Senate session on the night of the 10th.
The supplementary budget focuses on easing fuel cost burdens, stabilizing livelihoods, minimizing industrial damage, and securing supply chain stability. It includes high oil price relief payments ranging from 100,000 won to a maximum of 600,000 won per person for about 32.56 million people, or the bottom 70% of income earners. The related budget amounts to 4.8 trillion won. The government plans to first make payments within this month to basic livelihood security recipients and low-income households just above the threshold, then roll out payments sequentially to the remaining eligible recipients after a screening process.
In addition, 4.2 trillion won has been allocated to support a cap on oil prices. The package also includes subsidies to cover the gap in naphtha import prices, fuel-linked subsidies for farmers and fishers, and fuel cost support for coastal passenger ships. To ease the burden of public transportation costs, the government will also expand K-Pass discounts. Authorities intend to complete follow-up procedures so the supplementary budget can be swiftly executed on the ground.
425_sama@fnnews.com Reporter Choi Seung-han Reporter