Who’s eligible, how to apply, where to use — key details of the stimulus coupon explained ![A person shops for groceries at a supermarket in central Seoul on Monday. (Yonhap)]](https://contents-cdn.viewus.co.kr/image/2025/07/CP-2023-0309/30846307.jpg)
South Korea launched its ambitious stimulus coupon program on Monday, kicking off applications for cash grants aimed at boosting domestic spending and jump-starting the sluggish economy.
In this initial phase, every individual — regardless of income or assets — will receive vouchers worth at least 150,000 KRW ($112.50). Those in the second-lowest income bracket and single-parent families will get a more substantial 300,000 KRW ($225), while recipients of the national basic living stipend will receive 400,000 KRW ($300) each. The application window will remain open for eight weeks, closing on September 12.
A second round of applications is set to run from September 22 to October 31. During this phase, an additional 100,000 KRW ($75) will be distributed per person, excluding those in the top 10 percent income bracket.
President Lee Jae Myung expressed optimism about the government’s stimulus coupon initiative.
“The economy is heavily influenced by sentiment,” Lee stated at a recent press conference marking his first month in office.
“We’re seeing the highest number of people in eight years who believe the economy will improve next year. A small initial push could set off a virtuous cycle.”
The coupon initiative comes with a price tag of 13.9 trillion KRW ($10.43 billion). The central government is footing 90 percent of the bill, with regional governments picking up the remaining 10 percent.
However, concerns are mounting that the coupon program could further strain the government’s already-tested fiscal health.
On July 5, the National Assembly greenlit a supplementary budget of 31.8 trillion KRW ($23.85 billion) to fund domestic stimulus measures, including this coupon distribution program.
With this extra budget factored in, the country’s national debt is projected to balloon to 1,301.9 trillion KRW ($976.43 billion) by year’s end, equivalent to a whopping 49.1 percent of South Korea’s gross domestic product.
How to Apply for the Funds
For the first week, applications are staggered based on the last digit of one’s birth year, through both online and offline channels: 1 & 6 on Monday; 2 & 7 on Tuesday; 3 & 8 on Wednesday; 4 & 9 on Thursday; and 5 & 0 on Friday. Starting the second week, applications will be open to all, regardless of birth year.
Individuals can choose their preferred form of cash handout: credit or debit card recharge, prepaid card, or regional voucher.
Credit and debit card users can expect to receive their coupons the day after applying. Regional vouchers may be issued either on the same day or the following day.
Eligibility for Foreign Residents
Foreign nationals registered with Korean family members in resident registration records are eligible to receive the coupons.
This includes permanent residents (F-5), marriage migrants (F-6), and recognized refugees (F-2-4) who are covered by the national health insurance system or receive medical aid.
Where to Use the Coupons
The coupons can be used at small retailers with annual sales under 3 billion KRW ($2.25 million), including traditional markets, local grocery stores, restaurants, and franchise stores operated by individual owners.
Usage is restricted to specific cities or regions where the coupons were issued. For instance, a resident of Gyeonggi Province can’t use their coupon at a Seoul restaurant.
For coupons issued outside metropolitan areas, they can be used within cities and counties in the province where the issuing agency is located.
It’s worth noting that the coupons cannot be used for public transportation, including buses or subways.
Expiration Dates
Both rounds of coupons are set to expire on November 30, with the exception of paper regional vouchers. These paper vouchers will remain valid until their individual expiration dates. Any unused funds will be reclaimed by the government.
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