They can receive up to ten-million Korean won, or about 8,800 U.S. dollars.
Previously, government compensation for vaccine side effects were limited to cases where a causal link was proven.
Those eligible can sign up for the aid at their local public health centers.
Meanwhile, the government aims to resume its rollout of first shots of the Pfizer vaccine starting Saturday.
The rollout had been temporarily halted because of unstable supply.
The resumption will allow about 2 million people to get their first shots before the end of June.
Around 3.7 million people, including elderly citizens aged 75 and older and nursing home workers are eligible to receive the Pfizer vaccines within the second quarter.