[Yoon Administration Supplementary Budget] 1 Million Won for Low-Income Households, 2 Million Won for Taxi and Bus Drivers... 20 Trillion Won Supplied for Mortgage Refinancing Loans

Taxis are waiting for passengers at the taxi stand in front of Seoul Station. Photo by Mun Ho-nam munonam@

[Asia Economy Sejong=Reporter Son Seon-hee] The government is preparing a second supplementary budget (supplementary budget) amounting to a total of 59.4 trillion won to support low-income and vulnerable groups.

On the 12th, the Ministry of Economy and Finance announced the '2022 Second Supplementary Budget Plan' and revealed measures for livelihood and price stabilization. In the face of rapidly rising prices, a temporary living support fund of up to 1 million won (based on a family of four) will be provided to stabilize the lives of low-income households. A total of 2.27 million households are eligible, with a budget of 1 trillion won allocated.

Along with cash support, financial assistance will also be provided. A 'three-package financial support' worth 20 trillion won has been prepared for vulnerable groups such as low-income citizens, youth, and university students. During the period of interest rate hikes, up to 20 trillion won will be newly supplied to allow homebuyers with real housing needs to convert high-interest and variable-rate mortgage loans into low-interest and fixed-rate loans. This is a 'refinancing loan' to switch to lower interest rates.

Emergency employment stabilization funds of 1 million won will be given to employment-vulnerable groups such as special-type workers (teukgo) and freelancers. About 700,000 people in 20 industries including substitute drivers, door-to-door salespeople, visiting teachers, and insurance planners are eligible.

In addition, income stabilization funds of 2 million won will be provided to corporate taxi drivers, charter bus drivers, and drivers of non-public bus routes. It is estimated that a total of 161,000 people will benefit. Furthermore, to support stable creative activities of low-income artists, activity support funds of 1 million won will be given to about 30,000 people.

This supplementary budget also includes measures to stabilize living prices. In response to the recent surge in international grain prices triggered by Russia's invasion of Ukraine, the government will temporarily support 70% of the increased price to domestic flour milling companies on the condition of 'minimizing price increases.' The government will bear 70% of the price increase compared to December last year, companies will bear 20%, and consumers will bear the remaining 10%.

To alleviate the burden caused by sharply rising living prices, the scale of discount coupons for agricultural, livestock, and fishery products (10,000 won per person, up to 20%) has been expanded to 119 billion won, about twice the previous amount. Farmers will receive subsidies covering 80% of the increase in mineral fertilizer prices, and 52.7 billion won will be invested to support stockpiling and purchasing of imported fishery products for fishing households.

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