Approximately 36 million citizens to receive financial aid based on health insurance premiums
Category: Politics
As the sun rises over Seoul, the air is filled with anticipation for the government's announcement on the second round of high oil price relief payments. Starting May 18, 2026, around 36 million South Koreans—approximately 70% of the population—will be eligible for financial assistance ranging from 100,000 to 250,000 won, depending on their residential area and health insurance contributions. This initiative aims to alleviate the financial burden caused by soaring fuel prices, which have been a growing concern for many households.
The key question many are asking is: who qualifies for these payments, and how can they apply? The government has set specific criteria based on health insurance premiums paid in March 2026. Only those whose contributions fall within a defined range will be considered eligible for the second round of payments.
According to the Ministry of the Interior and Safety, the second round of high oil price relief payments will be available from May 18 to July 3, 2026. To qualify, individuals must have health insurance premium contributions below certain thresholds. For example, a single-person household must have paid no more than 130,000 won, a two-person household must be under 140,000 won, and so forth. This structure ensures that low-income households receive the necessary support.
Those living in the capital region will receive 100,000 won, whereas residents in non-capital areas will get 150,000 won. Special support regions facing population decline will receive 200,000 won, and those in particularly vulnerable areas will be eligible for up to 250,000 won. This tiered approach reflects the government's effort to target assistance where it is most needed.
Notably, households classified as high asset holders will be excluded from receiving these funds. If a household's total property tax standard exceeds 1.2 billion won or if their financial income surpasses 20 million won, all members of that household will not qualify for the relief payment. This exclusion is intended to direct resources to those who genuinely require assistance.
In a recent briefing, Minister of the Interior and Safety, Yoon Ho-jung, emphasized that this payment plan is part of broader efforts to stimulate the economy and support citizens affected by rising costs. He stated, "The high oil price relief payment will serve as a driving force for economic recovery, especially in light of the long-term effects of the Middle East conflicts on our economy."
Applications for the relief payments will be accepted through various channels, including credit card companies’ websites and apps, local government offices, and regional love gift certificate platforms. To streamline the application process and prevent congestion, the first week of applications will follow a schedule based on the last digit of applicants' birth years. For example, on May 18, those born in years ending with 1 or 6 can apply, and the pattern continues through the week.
Once applications are submitted, successful applicants will receive notifications of their eligibility and payment amounts via text message. The funds can be accessed the day after application approval, allowing recipients to use the money quickly to ease their financial burdens.
The funds can only be used within the applicant's local jurisdiction, primarily at small businesses with annual revenues of less than 3 billion won. Notably, gas stations are exempt from this revenue restriction, allowing citizens to utilize their relief funds for fuel purchases. This provision addresses concerns that the financial aid, intended to mitigate rising fuel costs, could not be spent on gas.
All payments must be utilized by August 31, 2026; otherwise, any unspent funds will expire. The government urges recipients to use their support wisely to stimulate local economies, particularly in areas heavily impacted by high oil prices.
In a recent statement, Yoon Ho-jung reiterated the government's commitment to supporting citizens through these challenging times. He remarked, "This second round of high oil price relief payments is not just about providing financial assistance; it's also about restoring consumer confidence and revitalizing local economies affected by global events."
As the May 18 launch date approaches, many citizens are eager to learn more about their eligibility and the application process. The government has promised to provide clear information through its citizen notification service, ensuring that everyone knows how to access these much-needed funds.