Seoul: The South Korean government has unveiled a comprehensive economic stimulus package aimed at reviving growth and easing household strain. As part of this initiative, every citizen is set to receive cash handouts or 'consumption vouchers', with amounts ranging from 150,000 to 500,000 won. This measure is designed to spur economic activity and provide relief to households amid ongoing financial challenges.

According to Yonhap News Agency, the government has also approved a 30.5 trillion-won stimulus package. This package includes writing off 16 trillion-won in debt for 1.13 million individuals through the establishment of 'bad banks'. Additionally, targeted support will be provided to low-income families, with 4-person households in the lowest 10 percent income bracket receiving government vouchers worth 1 million won.

In another significant move, the government is considering tightening loans for long-term 'jeonse' home rentals to stabilize the housing market. Meanwhile, the stimulus package also includes a 20.2 trillion-won budget bill, with the government emphasizing the need to utilize state finances to bolster the economy.

The initiatives reflect a broader strategy to invigorate consumption and support economic recovery, with authorities keen on addressing both immediate and long-term economic challenges faced by citizens.