(Bloomberg) -- Japanese Prime Minister Fumio Kishida's government is planning cash and voucher handouts for children 18 and younger, responding to a campaign pledge the junior member of the ruling coalition made in the recent general election.
The ruling Liberal Democratic Party and coalition partner Komeito agreed to give 50,000 yen ($443) in cash and an additional equivalent in coupons for every child 18 or younger, Kyodo News and other local media reported Tuesday. The cash will be distributed at “an early date” and the vouchers distributed next spring.
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The proposal is among measures in Kishida's economic stimulus package that is being compiled this month to alleviate the economic impact of the coronavirus, and it comes ahead of an upper house elections next summer. The prime minister is also calling for a shakeup of the initial public offering process and renewed investment in key industries, including clean energy and chip technology.
The LDP proposed setting an annual household income cap of 9.6 million yen on the handout; Komeito still hasn't agreed on that as it seeks a blanket handout, Kyodo reported. Individuals last received cash in the early days of the pandemic when then Prime Minister Shinzo Abe gave a 100,000 yen blanket handout to residents.
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