The government on Thursday announced a plan to issue state bonds to finance emergency relief payouts for all South Koreans to help them deal with the impact of the COVID-19 outbreak.

The government and the ruling Democratic Party on Wednesday reached an agreement to offer blanket payouts to all citizens first and to encourage high-income earners to voluntarily return the payments later.

The Finance Ministry said on Thursday in a press release that those who choose not to apply for the handout, or who donate their share will receive tax deductions. The donations will likely be used to maintain employment and support jobless people. 

The ministry, which plans to seek legislation for such donations and tax deductions, called for cooperation from the National Assembly to pass these plans as soon as possible. 

The ministry said that they produced these measures in consideration of various factors, such as the urgency of the matter, calls for ways to utilize the donations for pressing needs, and demands from the political circle for blanket payouts to all citizens. 

Last Thursday, the ministry submitted a supplementary budget bill worth seven-point-six trillion won to provide emergency relief aid for households in the bottom 70 percent income bracket.