Disaster Basic Income Prepaid Card Limit to be Raised...500,000 Won → 3 Million Won

[Suwon Ilbo=Park No-hun Reporter] In response to Gyeonggi Province's proposal to raise the prepaid card limit from the existing 500,000 won to 2 million won for swift distribution of disaster basic income and convenience of residents, the government has decided on a limit of 3 million won.

According to Gyeonggi Province on the 21st, the Financial Services Commission's amendment to the Enforcement Decree of the Specialized Credit Finance Business Act containing this content passed the Presidential Cabinet meeting on that day.

The amended enforcement decree increases the limit for bearer-type prepaid cards issued by the state or local governments to provide subsidies with recipients, usage locations, and usage periods determined in accordance with the Framework Act on Disaster and Safety Management to 3 million won through September.

Previously, the province proposed at a Central Disaster and Safety Countermeasures Headquarters meeting on the 9th that the government temporarily raise the limit of prepaid cards for distributing government and provincial disaster relief funds.

Under the current Specialized Credit Finance Business Act, the issuance limit for bearer-type prepaid cards is restricted to 500,000 won to minimize losses in case of loss and prevent crime (named cards are 5 million won).

Gyeonggi Province argued that as the province and its 18 municipalities simultaneously provide disaster basic income, situations arise where the prepaid card limit exceeds 500,000 won, and that a temporary increase in the prepaid card limit is necessary from the perspective of reducing unnecessary budget spending on additional card production.

Meanwhile, Gyeonggi Province proposed to the government on the 18th of last month to expand the use of disaster management funds to include support for living expenses of vulnerable groups and small business owners and revitalization of the local economy, leading to an amendment of relevant ordinances.

The Ministry of the Interior and Safety decided through a Central Disaster and Safety Countermeasures Headquarters meeting on the 21st, four days after Gyeonggi Province's proposal, to temporarily expand the scope of disaster management fund usage, and on the 2nd, the amended 'Framework Act on Disaster and Safety Management Enforcement Decree' came into effect.