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Expansion of Busan's High Oil Price Support Fund
Busan City has recently announced the implementation of the second payment of the 'High Oil Price Damage Compensation Fund' to alleviate the burden citizens feel due to high oil and high prices. This support is not just a one-time payment but aims to actively engage many people's interest with the goal of revitalizing the local economy and restoring alley shopping districts.
The application period is set from May 18 to July 3, and the eligible target is about 70% of citizens who meet the health insurance premium standards. The payment amount varies by region and can be as high as 200,000 won.
In particular, residents of Dong-gu, Seo-gu, and Yeongdo-gu, where the population is decreasing, will receive 200,000 won each, while citizens residing in the other 13 districts in Busan will receive 150,000 won. The support fund can be received through various methods such as credit cards, debit cards, prepaid cards, and Dongbaek payment, etc.
Eligibility and Payment Amount
As of March 30, 2026, Busan City has decided to provide the High Oil Price Damage Compensation Fund to citizens who are registered residents. However, not all citizens will receive support; they must meet the health insurance premium burden rate as of March 2026.
Busan City plans to select approximately 70% of all citizens for support, excluding high-net-worth individuals.
The payment amounts are as follows: residents of Dong-gu, Seo-gu, and Yeongdo-gu receive 200,000 won each, while citizens in the remaining 13 districts and counties will receive 150,000 won each. This support is expected to provide practical help for local residents.
Notably, this policy includes special support for areas with declining populations. In particular, Dong-gu, Seo-gu, and Yeongdo-gu are severely affected by population declines, and this is intended to stimulate consumption through additional support.
Additionally, those who were unable to apply during the first payment, including basic livelihood recipients and low-income households, as well as single-parent families will have another opportunity to apply during this second payment period.
Application Method and Day System Summary
Applications for the High Oil Price Damage Compensation Fund can be made both online and offline. To avoid congestion, a day system will be implemented based on the last digit of the birth year from the first week, May 18 to May 22.
The day system will operate as follows: May 18 is for those with last digits 1 and 6, May 19 is for 2 and 7, May 20 is for 3 and 8, May 21 is for 4 and 9, and finally May 22 is for 5 and 0.
Online applications can be made on weekends and holidays, but offline applications will not be conducted on weekends, so please keep that in mind.
Adults are required to apply independently, while minors can apply collectively through their household head. However, minors without an adult registered in their household can apply directly.
Eligibility can be checked in advance from May 16 through the National Secretary website or apps like Naver, KakaoTalk, or Toss. Additionally, if you sign up for a pre-notification service, you will receive an alert message two days before payments begin.
Usage Locations for Dongbaek Payment Credit Card
Citizens can choose freely how to receive the payment.
They can decide among credit cards, debit cards, prepaid cards, and local gift certificates (e.g., Dongbaek payment). Credit and debit cards will be automatically loaded the day after the application, and relevant information will be communicated via text. In contrast, prepaid cards can be received immediately on-site.
In the Busan region, the main targets are small business establishments with annual sales of less than 3 billion won. Additionally, local gift certificates can be used at affiliated stores that have the same annual sales criteria.
However, usage is restricted in certain industries, such as entertainment establishments, gambling industries, cash-equivalent industries, and some large retail companies.
Some kiosks and table order systems may not accept payments, so it is advisable to use regular card terminals.
The validity period of the support fund is set until August 31. Any unused balance after the deadline will be automatically forfeited, so please be careful.
Expected Effects of Busan's Livelihood Economy
Busan City emphasizes that the High Oil Price Damage Compensation Fund will contribute to invigorating the local economy beyond simple cash payments. This fund is expected to promote spending in alley shopping districts by limiting its use to small businesses with annual sales of less than 3 billion won.
In particular, an increase in spending through Dongbaek payments and local gift certificates is expected to reduce the outflow of local funds. This way, a foundation will be laid for Busan's economy to grow healthier.
Busan City is providing a ‘visiting application service’ for digital disadvantaged groups such as the elderly and disabled. In addition, a dedicated call center will be operated to support inquiries related to applications and responding to complaints.
With the ongoing burden from high prices and high oil costs, many are focused on how much this second payment can contribute to stabilizing citizens' lives and recovering sales for local small businesses.
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Frequently Asked Questions (FAQ)
Q. What are the application period and eligible recipients for the second payment of Busan's High Oil Price Damage Compensation Fund?
Applications can be made from May 18 to July 3, and about 70% of Busan citizens who meet the health insurance premium standards are eligible.
Busan City will receive applications for the second payment of the 'High Oil Price Damage Compensation Fund' from May 18 to July 3, 2023, to alleviate the burden on citizens due to high oil and high prices. Eligible recipients are limited to approximately 70% of citizens registered as of March 30, 2026, who meet the health insurance premium burden standards. High-net-worth individuals are excluded, and the support funds will be provided to selected citizens at different amounts.
Q. What are the payment amounts for the High Oil Price Damage Compensation Fund and what are the regional differences?
Residents of Dong-gu, Seo-gu, and Yeongdo-gu will receive 200,000 won, while residents of the other 13 districts and counties of Busan will receive 150,000 won.
The support funds are distributed differently by region, paying 200,000 won per person to residents of Dong-gu, Seo-gu, and Yeongdo-gu, where there is a serious population decline. Citizens living in the other 13 districts and counties will receive 150,000 won each, reflecting the regional economic conditions and population decline issues. This support fund aims to reduce the financial burden on households and activate local consumption.
Q. How is the application method for the High Oil Price Damage Compensation Fund and the day system operated?
Applications can be made both online and offline, and a day system will be implemented from May 18 to 22 based on the last digit of the birth year.
Applications can be made either online or offline. To reduce congestion, a day system will be applied based on the last digit of the birth year from May 18 to 22. For example, May 18 is for last digits 1 and 6, May 19 is for 2 and 7, and so on. Online applications are available on weekends, but offline applications cannot be made on weekends, so please be aware of this. Minors can either apply collectively through their household head, or minors without an adult in their household can apply directly.
Q. Where can the received support funds be used?
They can be received through credit cards, debit cards, prepaid cards, Dongbaek payment, etc., and the usage locations are primarily small business establishments with annual sales of less than 3 billion won.
The support funds can be automatically credited to credit or debit cards, or received on-site as prepaid cards, or in the form of local gift certificates such as Dongbaek payment. The usage locations are limited to small businesses and affiliated stores in Busan with annual sales of less than 3 billion won and payment is restricted in entertainment venues, gambling industries, cash-equivalent industries, and some large retail companies. Payment via kiosks or table orders is limited, so it is recommended to use regular card terminals. The funds are valid until August 31.
Q. What impact will the High Oil Price Damage Compensation Fund have on the Busan local economy?
It is expected to contribute to the recovery of small business sales and the activation of alley shopping consumption, while reducing the outflow of local funds.
Busan City expects that the support funds will contribute to invigorating the local economy beyond simple cash payments. Especially, spending will be centered around small businesses with annual sales of less than 3 billion won, revitalizing alley shopping areas, and reducing outflows of funds from the region through increased usage of local gift certificates like Dongbaek payment. In this way, a foundation will be laid for the Busan local livable economy to develop more healthily and stably.