To shield low-income individuals from the impact of rising prices and inflation South Korea has announced ranging cash assistance from 100,000 to 600,000 won (over $400).

To address economic pressures stemming from ongoing tensions in the Middle East and the Iran-Israel conflict the National Assembly of South Korea has approved a supplementary budget of 26.2 trillion won (approximately $17.7 billion)

The large financial package aims to protect citizens from the effects of increasing oil prices and inflation. According to a Reuters report, the government has decided to implement the relief package immediately.

Around 36 million people, representing the lowest 70 per cent of income groups in the country, are expected to benefit directly from the initiative. Under a special program launched by President Lee Jae-myung, eligible citizens will receive cash payments between 100,000 and 600,000 won to help meet their daily needs.

In addition, the country heavily reliant on energy imports has introduced special measures to control fuel prices. Authorities have decided to maintain last month’s fuel prices for the next six months to prevent increases in transportation and production costs.

South Korea imports a significant portion of its energy needs, making its economy vulnerable to fluctuations in global oil prices. The government believes that the ongoing tensions between Iran and Israel could disrupt supply chains, making these preemptive measures essential for economic stability.

South Korea removes major visa requirement for applicants in 2026

On the other hand, travel to South Korea is becoming easier in 2026 after a series of visa relief announcements for applicants in the ongoing year, 2026.

The Embassy of the Republic of Korea made the announcement through the Korea Visa Application Centre (KVAC).

What’s Changing in 2026?

Here’s a clear understanding of the new visa rules

1. Bank statement and other document requirements

Applicants who hold premium credit cards (Gold/Elite) from select banks will no longer need to submit:

• Three-month bank statements
• Bank certificates
• Income Tax Returns (ITRs)

2. Simplified Requirements for Students

Students will now need to submit only one of the following:

• Original school certificate OR
• Copy of student ID

3. Shared Documents for Group Applications

For families or groups applying together:

• Common documents (such as invitation letters or proof of relationship) can be submitted once under the lead applicant’s file, instead of individually for each member.

4. Easier Employment Documentation

Applicants no longer need explanation letters if:

• Their employer does not have a landline, or
• Documents use e-signatures

Additional Travel Perks

• K-ETA (Korea Electronic Travel Authorisation) waiver extended until December 2026 for eligible visa-exempt travellers staying up to 90 days.
• Simplified visa processes introduced for qualified credit card holders.

Also read: South Korea removes major visa requirement for applicants in 2026