Gov't to Announce Criteria for High-Oil-Price Relief Fund: Who Will Receive Support?

South Korea is set to unveil the specifics of its second round of relief payments for those impacted by high oil prices, with the announcement scheduled for May 11, 2026. This initiative aims to cushion the economic blow for a significant portion of the population, with plans to cover roughly 70% of citizens. The government is expected to utilize health insurance premiums as a primary metric for determining eligibility, a method that allows for relatively swift income assessment and is easily understood by the public.

A key focus of the upcoming announcement will be the criteria for excluding individuals with substantial assets. Drawing parallels with last year's 'Livelihood Recovery Consumer Coupon' program, the government is likely to set thresholds for property and financial assets. For instance, last year, households with a combined property tax base exceeding 1.2 billion won (equivalent to a public housing price of approximately 2.67 billion won for a single-family home) or financial income over 20 million won were excluded. Specific details on these asset exclusions for the current relief fund will be revealed on May 11.

The payment amounts will be tiered based on residency. Those in the Seoul metropolitan area will receive 100,000 won, while residents in non-metropolitan areas will get 150,000 won. Special considerations are in place for areas designated for population decline, with residents in preferential zones receiving 200,000 won and those in special zones receiving 250,000 won. This differentiated approach acknowledges regional economic disparities.

Furthermore, the government is expected to address the specific circumstances of dual-income households and single-person households, which often present unique financial profiles. While the Ministry of the Interior and Safety has indicated that the core criteria will not drastically change from last year, adjustments for these household types are anticipated. The first phase of the relief fund, which targeted vulnerable groups, saw a high application rate, with over 91% of eligible recipients applying. The second phase, running from May 18 to July 3, 2026, will allow both vulnerable groups who missed the first deadline and the general public to apply.