Boseong Starts Rural Basic Income, Pays 12.45 Billion Won to 31,125 Residents

BOSEONG — Boseong County has begun paying out a rural basic income, the signature pledge of County Mayor Kim Cheol-woo, in a program officials expect to draw new residents and revive the local economy.

The county said on the 28th that it had paid the July and August installments to the first 31,125 recipients. Each received 400,000 won, bringing the total to 12.45 billion won. Payments are made through a card-based Boseong Love gift certificate or a prepaid card.

The county held a ceremony marking the first payout at the Gyeombaek township residents' day event. Officials presented mock gift certificate cards to representatives of four households, including families with multiple children, multicultural families, a young married couple and an elderly couple.

Under the program, the county adds 50,000 won from its own budget to the 150,000 won monthly benchmark set by the central government's pilot project. Recipients therefore receive 200,000 won a month for 18 months.

About 36,800 people are eligible this year. Including projected recipients for next year, the total program cost is 130.4 billion won. Of that, roughly 61.9 billion won, or 47.5% of the total, comes from the county budget.

Because the money can be spent only at local merchants, the county expects the program to stabilize household finances and help the local economy recover. Officials are also counting on higher sales for small business owners and more activity in neighborhood commercial districts.

The county says the program is already drawing new residents.

A total of 1,418 people moved into Boseong between June 11, when the county was selected for the pilot project, and August 26. The county attributed the influx to new demand created by the program. The first group of recipients was determined from residents who applied between July 13 and July 31.

The county verified both resident registration records and actual residence. As of July 31, a total of 38,086 people were eligible for the program. Of those, 34,473 had applied as of the 26th of this month, an application rate of 90.5%. August applicants will receive payments in September after their eligibility is confirmed.

New arrivals are confirmed as recipients after the county verifies that they have actually lived in the area for three months. Payments are then loaded onto a card-based Boseong Love gift certificate or a prepaid card at the end of each month.

Where the money can be spent depends on the recipient's area of residence. Residents of Boseong and Beolgyo towns can use it at merchants across all 12 towns and townships in the county. Residents of the 10 townships can use it only at merchants in township areas, excluding Boseong and Beolgyo.

Monthly spending caps apply to some businesses. Up to 200,000 won a month can be spent at five types of businesses: hospitals, pharmacies, private academies, optical shops and movie theaters. Spending is capped at 100,000 won a month at gas stations, convenience stores and Hanaro Mart outlets in township areas.

"The rural basic income is a policy that simultaneously stabilizes residents' livelihoods, revitalizes the local economy and attracts new residents," Kim said. "We will manage it carefully so that the basic income translates into sales for local businesses and small business owners."