Gangneung City to Provide 100,000 Won to Every Resident, with Gangneung Pay Distribution Beginning in Mid-November

[Financial News Gangneung = Reporter Kim Ki-seop] Every Gangneung resident will receive 100,000 won in livelihood stabilization support through local currency, regardless of income, assets or age.
According to Gangneung City on the 30th, the city promulgated its ordinance on the livelihood stabilization support payment that day and began full-scale administrative preparations for the disbursement. The legal basis and funding were secured after the Gangneung City Council approved the ordinance along with the second supplementary budget for this year at the third plenary session of its 332nd regular meeting on the 22nd.
The payment will be issued through Gangneung Pay, a local currency, with the total program cost amounting to 21.1 billion won. Because the support will be provided in local currency rather than cash, Gangneung City expects it to be spent at neighborhood stores and restaurants, helping money circulate within the community. The initiative is intended to ease the burden on residents whose household finances have been strained by prolonged high prices and interest rates while revitalizing the weakened local economy.
Gangneung City plans to complete the remaining procedures, including deliberation by the Gangneung City Livelihood Stabilization Support Payment Review Committee, and begin distributing the payments in mid-November. Details on eligibility, the application period and the application process will be posted on the city's website and other channels once finalized.
Gangneung Mayor Kim Jung-nam said, "I hope the 100,000 won provided to every resident, regardless of income or assets, will offer a small breathing space to households worn down by the burden of prices and interest rates, and serve as a catalyst for reviving neighborhood businesses as it is spent at local stores through Gangneung Pay." He added, "We will carefully complete the remaining procedures, including the review committee's deliberation, before distribution begins in mid-November so that everyone can receive the payment conveniently without anyone being left out."

[email protected] Kim Ki-seop Reporter