South Korean rural counties to begin monthly basic income payments

Residents in seven additional South Korean counties will begin receiving monthly rural basic income payments starting August 28. The pilot program, overseen by the Ministry of Agriculture, Food and Rural Affairs, targets residents in Gurye, Boseong, Hwacheon, Boeun, Jinan, Muju, and Cheongsong.

Participants will receive a base amount of 150,000 KRW per month in the form of local love gift certificates. In certain regions, such as Gurye, Boseong, and Cheongsong, local government funds will supplement this to a maximum of 200,000 KRW per month. Boeun residents will receive 160,000 KRW. The first wave of payments, which includes retroactive amounts for eligible long-term residents, is estimated at 56.7 billion KRW.

The program has already shown signs of stimulating local economies. In the ten municipalities previously participating in the pilot, approximately 660 new businesses have opened this year. Some areas, such as Boeun, have also reported population increases following the selection for the program. The government aims to use these cash-equivalent supports to stabilize resident income and encourage local consumption to revitalize rural economies.