Lee Jae-myung "10,000 KRW Financial Support Per Person to Cities and Counties Paying Disaster Basic Income Themselves"

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province Governor Lee Jae-myung has decided to provide financial support of about 10,000 KRW per person from the province to cities and counties that independently provide additional disaster basic income on top of the Gyeonggi Province-type disaster basic income (100,000 KRW per person).

Gyeonggi Province announced on the 30th that Governor Lee Jae-myung recently reviewed financial support measures for cities and counties implementing additional disaster basic income and prepared a support plan containing these details.

Earlier, on the 27th, Governor Lee sought public opinion through social media (SNS), stating, "We are considering prioritizing the use of the 400 billion KRW special adjustment grant budget held by Gyeonggi Province to support cities and counties that provide disaster basic income."

The special adjustment grant provided this time is a fund that the governor supports to cities, counties, and autonomous districts to resolve financial disparities and provide balanced services.

The province plans to prioritize support through the governor’s special adjustment grant project, providing up to about 10,000 KRW per person to cities and counties participating in the Gyeonggi Province-type basic income project.

As of the end of February, the population of Gyeonggi Province is approximately 13.26 million. If all 31 cities and counties in Gyeonggi Province provide their own disaster basic income, the maximum support amount will be 132.6 billion KRW. If there are cities or counties that provide their own disaster basic income but waive the support funds from Gyeonggi Province, the support funds for these cities and counties will be handled through mutual consultation among them.

As of the 30th, 17 cities and counties within the province, including Goyang, Paju, and Gimpo, have expressed their intention to provide city/county disaster basic income separately from the Gyeonggi Province-type disaster basic income.

Among them, 11 cities and counties?Gwangmyeong, Icheon, Yeoju, Gimpo, Yangpyeong, Gunpo, Uiwang, Anyang, Hwaseong, Pocheon, and Gwacheon?will provide disaster basic income ranging from 50,000 KRW to a maximum of 400,000 KRW to all residents.

On the 24th, Governor Lee announced that to overcome the economic crisis caused by COVID-19, starting next month, 100,000 KRW per resident will be paid as Gyeonggi Province-type disaster basic income in local currency.

The province expects that in this case, more than 1.3 trillion KRW will be circulated in neighborhood markets, greatly helping to revitalize the local economy, which has been struggling due to COVID-19.