Support Payments Not Available for Dual-Income Families of Four with Monthly Income Over 10.36 Million Won

Ruling and Opposition Parties Agree on 2nd Supplementary Budget... Estimated 20.3 Million Households Eligible for Support

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The annual income threshold for a dual-income family of four eligible for disaster relief funds will increase from 105.32 million KRW (8.78 million KRW per month) to 124.36 million KRW (10.36 million KRW per month). As the ruling and opposition parties have agreed to provide disaster relief funds to households in the bottom 88% income bracket, each eligible person will receive 250,000 KRW.

According to the second supplementary budget bill agreed upon by the ruling and opposition parties on the 24th in the plenary session, the income threshold for dual-income households will be higher than that for single-income households.

It was pointed out that dual-income households find it difficult to fall within the bottom 80% income bracket because their incomes are combined even if the number of household members is the same as that of single-income households.

By applying the Earned Income Tax Credit (EITC) standards, the method chosen for dual-income households was to add one more household member to the single-income household standard.

As a result, the annual income thresholds for dual-income households will be raised to 86.05 million KRW for two-person households, 105.32 million KRW for three-person households, 124.36 million KRW for four-person households, and 143.17 million KRW for five-person households. There are 710,000 dual-income households that will receive additional benefits.

For single-income households, the annual income thresholds are set at 66.71 million KRW for two-person households, 86.05 million KRW for three-person households, and 105.32 million KRW for four-person households.

For single-person households, the payment threshold has been raised from an annual income of 39.48 million KRW (3.26 million KRW per month) to 50 million KRW (4.17 million KRW per month), adding 1.07 million households to the list of disaster relief fund recipients.

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