The government aims to draft a second supplementary budget worth seven-point-one trillion won and get it approved by parliament next month to help alleviate the economic crisis caused by the coronavirus pandemic.
The seven-trillion-won budget plan combined with two trillion won from local governments is expected to go towards providing emergency cash assistance to those who fall within the bottom 70 percent income bracket, or around 14 million households.
Finance Minister Hong Nam-ki announced the latest measures on Monday, following the third meeting of the government's emergency economic council.
The amount of direct cash aid will be 400-thousand won for one-person households and 600-thousand for a household of two members. Families of three will receive 800-thousand and those with four or more members will get one million won.
To finance the second extra budget, the government will try to cut expenses in other spending areas including social overhead capital projects.
The government plans to swiftly submit the budget bill to the National Assembly with the aim to have it pass shortly after the April 15 general elections.