Gyeonggi-do to Provide 100,000 Won Disaster Basic Income per Person to All 13.26 Million Residents

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province will provide 100,000 KRW of 'disaster basic income' per person to all 13.26 million residents.

On the 24th, Gyeonggi Province Governor Lee Jae-myung stated at an online press conference held at the Gyeonggi Provincial Office, "In this historic crisis phase brought on by COVID-19, we must turn the crisis into an opportunity and prepare for a new era," adding, "Starting in April, we will provide 100,000 KRW of disaster basic income per resident."

Gyeonggi Province explained that the social discussion on disaster basic income is meaningful in that it implements a basic income system targeting all residents regardless of income or age.

The governor particularly noted, "There were opinions to exclude some high-income earners and minors or to differentiate for minors, but this goes against the ideology of basic income," explaining, "Excluding high-income earners is a double discrimination against high taxpayers, and the selection cost is excessive. Minors are also residents who pay taxes, and their consumption expenditure demand is no different from adults, so we did not exclude or discriminate against them."

According to this announcement, starting from the 1st of next month, the province will provide 100,000 KRW per resident as disaster basic income, which means a family of four will receive 400,000 KRW.

The disaster basic income payment target applies to those who are residents of Gyeonggi Province from 24:00 on March 23, 2020, until the application date. According to the resident registration population statistics announced by the Ministry of the Interior and Safety as of the end of February 2020, the population of Gyeonggi Province is 13,265,377.

The province plans to simplify the payment procedure as much as possible. Starting in April, residents can receive the full amount immediately upon application by verifying their identity at the local administrative welfare center (eup, myeon, dong) where they reside, and can apply on behalf of all household members (a power of attorney is required for adults).

The Gyeonggi Province-style disaster basic income will be paid in local currency that expires three months after the payment date. By ensuring full consumption within a short period, it aims to achieve a dual effect of supporting households and increasing sales for businesses and self-employed individuals.

The necessary funds of 1.3642 trillion KRW were secured by internally borrowing 340.5 billion KRW from the disaster management fund, 273.7 billion KRW from the disaster relief fund, and 700 billion KRW from the regional development fund created through automobile purchase bond sales.

This content was produced with the assistance of AI translation services.