Seoul: The government and the ruling Democratic Party (DP) announced a significant financial move on Wednesday, revealing plans for an extra budget that includes cash handouts for all citizens. DP officials suggested that the budget plan might surpass 20 trillion won (approximately US$14.5 billion).

According to Yonhap News Agency, Rep. Jin Sung-joon, the DP's chief policymaker, disclosed the initiative after a policy meeting involving party and government officials. He stated that the budget would ensure cash payments for all citizens alongside additional support for low-income and vulnerable groups. "The ruling party has consistently called for universal relief, and the government has accepted our proposal," Jin informed reporters.

The proposed second supplementary budget is expected to exceed 20 trillion won, building on this year's first extra budget of 13.8 trillion won. The relief package is intended to stimulate the economy and provide essential support for people's livelihoods, particularly focusing on low-income groups. This initiative is a pivotal element of the Lee Jae-myung administration's agenda.

Last month, the National Assembly approved a 13.8 trillion-won extra budget, allocating around 400 billion won for voucher issuance to assist small merchants.