87% Payout Rate for Gyeongnam Province Resident Living Support Fund ... Breathing New Life into the Local Economy

Gyeongsangnam-do's “Gyeongnam Province Residents’ Living Support Fund,” which is being provided to all residents to revitalize the local economy impacted by the Middle East conflict, is being evaluated as raising expectations for a recovery in regional consumption.

As of May 25, Gyeongsangnam-do announced that the payment rate for the living support fund had reached 87%.

Gyeongnam Provincial Government Office.
Photo by Seryeong Lee

The province analyzed that the swift distribution of the living support fund is having a positive effect on expectations for economic improvement, contributing to expanding residents’ purchasing power and revitalizing local businesses.

According to the “Consumer Composite Sentiment Index (CCSI) for Gyeongnam Region in May 2026” released by the Bank of Korea’s Gyeongnam branch, the index stood at 108.6, up 6.7 points from 101.9 the previous month. This figure is 2.5 points higher than the national average of 106.1.

In detailed categories, future economic outlook (+1.7p contribution), outlook for living conditions (+1.3p), and current economic assessment (+1.3p) all improved evenly, indicating that the local economy is breathing easier.

In May, the month of family, the support fund of 400,000 won for a family of four was reportedly used for everyday consumption such as family dining, purchasing gifts for parents or children, and paying academy fees, helping to ease the financial burden on households.

Gyeongnam Province Residents' Living Support Fund Application Notice.
[Image provided by Gyeongnam Province]

The support fund of 100,000 won per resident is being provided to all residents, with a total of 328.8 billion won fully financed by the provincial budget without issuing local bonds, and has been distributed since April 30.

The application period runs until June 30, and the usage period extends until July 31. Any unused amount after this period will expire.

The support fund can only be used within the city or county of the recipient’s address as listed in the resident registration.

For paper gift certificates, they must be used within the jurisdiction of the city or county indicated at the bottom of the certificate, and affiliated merchants must exchange them only at exchange locations in their area.

Applications can be made via the province’s self-developed online application and registration system or at the local town, township, or neighborhood administrative welfare centers corresponding to the recipient’s address.

A “visiting application service” is also available for vulnerable groups such as the elderly, persons with disabilities, or those unfamiliar with digital applications or with limited mobility.

Upon request to the local administrative welfare center, an official will visit to assist with the application and payment procedures.

Kim Myungju, Vice Governor for Economic Affairs, stated, “I hope the Gyeongnam Province Residents’ Living Support Fund will serve as a solid primer for stabilizing residents’ lives and boosting local consumption,” adding, “We plan to closely analyze the local production and value-added effects resulting from the distribution of this support fund and systematically convert them into data to promote a virtuous cycle in the Gyeongnam economy.”

This content was produced with the assistance of AI translation services.