Government to Provide Emergency Disaster Relief Fund to All Citizens... Additional Resources Secured Through National Bond Issuance (Update)

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance. (File photo)

[Asia Economy Reporter Jusangdon Joo] The government has decided to provide emergency disaster relief funds to all citizens nationwide. As the eligibility for the payment has expanded from the bottom 70% income group to the entire population, the additional necessary funds will be raised through government bond issuance.

On the 23rd, the Ministry of Economy and Finance stated, "The payment will be made to all citizens, but an alternative allowing those in the top 30% income bracket to voluntarily choose not to apply for the relief funds or to donate the funds even after applying has been discussed, and the ruling party, government, and presidential office have reached a consensus on this."

An official from the Ministry of Economy and Finance said, "Considering the urgent nature of finalizing and distributing the emergency disaster relief funds as soon as possible, the political calls for 100% payment, and the alternative that donation resources from the top 30% can be used more effectively elsewhere, all factors were comprehensively taken into account."

The Ministry plans to secure the additional required funds through government bond issuance and other means. Legal amendments and supplements will also be pursued to facilitate the collection of donations.

In cases where individuals voluntarily choose not to apply for the relief funds or donate after applying, tax deductions for donations will be applied according to the Income Tax Act and related laws.

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