Seoul: Cash assistance for basic livelihood security recipients and other vulnerable groups began rolling out Monday as part of efforts to ease financial strains caused by rising oil prices amid the war in the Middle East. The government initiated the application process for these funds, offering 550,000 won (US$372) to recipients of basic livelihood security and 450,000 won per individual for single-parent households and those slightly above the welfare eligibility threshold.

According to Yonhap News Agency, individuals residing outside of Seoul or in areas experiencing population decline are eligible for an additional 50,000 won in assistance. The application period is set to run until May 8, allowing recipients to select their preferred form of aid, choosing from credit and debit cards, prepaid cards, or local currency vouchers.

The allocated funds have a usage deadline of August 31, and they can only be utilized at small businesses with annual sales not exceeding 3 billion won, or at establishments that accept local currency vouchers. In addition to this initiative, the government is planning a broader distribution of cash assistance targeting the bottom 70 percent of income earners. The criteria for selecting these recipients are expected to be announced early next month.

Earlier this month, the National Assembly approved a supplementary budget bill amounting to 26.2 trillion won, which encompasses the cash assistance program. This move is part of a broader strategy to address the economic repercussions stemming from the ongoing conflict in the Middle East.