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South Korea Approves W30.5 Trillion Supplementary Budget with Universal Cash Vouchers

It will head to the National Assembly on June 23 for approval, paving the way for cash vouchers to be distributed followed by targeted debt relief measures.

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South Korean President Lee Jae-Myung talks during a meeting with party leaders after his oath of inauguration in the National Assembly in Seoul, South Korea, 04 June 2025. JEON HEON-KYUN/Pool via REUTERS/File Photo
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Overview

  • The Cabinet signed off on President Lee Jae Myung’s W30.5 trillion supplementary budget, marking the second extra budget of the year.
  • The plan earmarks 10.3 trillion won for universal consumption vouchers worth 150,000 to 500,000 won per person based on income tiers.
  • A 1.4 trillion won allocation will fund debt relief for about 1.43 million self-employed individuals and small business owners with long-overdue unsecured loans.
  • To cover the package, the government will issue 19.8 trillion won in new treasury bonds and adjust existing funds.
  • The proposal heads to the National Assembly on June 23 for final approval; the government projects it will boost private consumption but widen the fiscal deficit to around 4.2 percent of GDP.