South Korea’s rival political parties are set to pass a supplementary budget plan this week to finance the government's one-off coronavirus relief payouts for all South Korean citizens. 

The deputy floor leaders of the ruling Democratic Party and the main opposition United Future Party agreed Monday to hold a plenary session at 9 p.m. on Wednesday to approve the extra budget plan, the second of its kind this year.

The government initially submitted an extra budget plan worth nine-point-seven trillion won in order to provide the aid for households in the bottom 70 percent income bracket.

However, the budget is expected to increase to 14-point-three trillion won in order to provide disaster relief money to all citizens, requiring an additional four-point-six trillion won.

It is expected the payouts of around one million won per four-member household will be doled out from next month.