According to the second supplementary budget, depending on the number of family members, citizens will receive from 400,000 won to 1 million won (for households of four or more). Those who do not need financial assistance will be asked not to apply for payment or donate it to a fund for combating the coronavirus. Citizens will be able to receive the aid no later than mid-May. To finance the bill, the ruling and opposition parties agreed to allow the government to issue bonds.
In addition, the parliament approved the establishment of a stabilisation fund worth 40 trillion won to additionally support key industries affected by the coronavirus pandemic. To receive such assistance, companies will be obligated to comply with certain conditions, including maintaining a general level of employment, their own efforts to overcome the crisis, and so on.
Earlier this week, the national Yonhap news agency reported that South Korea's ruling Democratic Party and its rival, the main opposition United Future Party, agreed to hold a vote on Wednesday on the allocation of coronavirus relief benefits to households. Under the initial budget of 7.6 trillion won, each household of four was entitled to 1 million won in disaster relief. However, the approved budget exceeded the original government proposal by 4.6 trillion won.
In late March, the parliament approved the first supplementary budget of 11.7 trillion won.
