Payment of 397.1 Billion KRW in Earned Income Tax Credit for the First Half of This Year... Payment Advanced by One Week

Average Payment per Household 440,000 Won... Single-Person → Single-Earner → Dual-Earner Order

[Asia Economy Reporter Kwangho Lee] The National Tax Service announced that it has completed the review of 1.02 million households that applied for the Earned Income Tax Credit (EITC) for the first half of 2020 and paid EITC totaling 397.1 billion KRW to 910,000 households on the 10th.

The average payment per household was 440,000 KRW. By household type, single-person households accounted for the largest share with 530,000 households (58.2%). Next were single-earner households with 350,000 households (38.5%) and dual-earner households with 30,000 households (3.3%).

The payment amounts were 191.6 billion KRW (48.2%) for single-person households, 189.4 billion KRW (47.7%) for single-earner households, and 16.1 billion KRW (4.1%) for dual-earner households, in that order.

By employment type, daily wage worker households accounted for 480,000 households (52.7%), and regular wage worker households accounted for 430,000 households (47.3%), with daily wage worker households exceeding regular wage worker households by 50,000 households, or 5.4 percentage points.

The payment amounts were 200.5 billion KRW (50.5%) for daily wage worker households and 196.6 billion KRW (49.5%) for regular wage worker households, respectively.

This year, to provide faster support to low-income worker households struggling due to the novel coronavirus disease (COVID-19), the EITC payments were made more than a week earlier than last year.

The review and payment results can be checked through Hometax, Sontax (mobile application), as well as the automated response system and the dedicated EITC consultation call center.

Meanwhile, those who missed applying for the first half EITC can apply during the second half period (March next year) or the regular period (May next year) and receive payments after review.

A National Tax Service official said, "We hope that the EITC payments made this time will provide some strength and comfort to low-income households facing economic difficulties due to the prolonged COVID-19 pandemic."

This content was produced with the assistance of AI translation services.