Next Year Median Income Up 5.47% ... Livelihood Benefits for 4-Person Households with Monthly Income Below 1.62 Million Won

[Asia Economy Reporter Jo In-kyung] Next year's 'standard median income' has been increased by 5.47% compared to this year, set at 5,400,964 KRW for a family of four.

The Ministry of Health and Welfare announced on the 29th that it held the 68th Central Livelihood Security Committee meeting and deliberated and approved the 2023 standard median income, selection criteria by benefit, and minimum guarantee levels.

The standard median income refers to the median value of household income in the nation and is used as the selection criteria for recipients in 76 welfare programs across 12 ministries, including the Basic Livelihood Security Program.

The 2023 standard median income for a family of four was decided at 5,400,964 KRW, a 5.47% increase from this year's 5,121,080 KRW. For single-person households, which account for more than 70% of recipient households, the income will increase by 6.48%, rising from 1,944,812 KRW this year to 2,077,892 KRW next year.

According to the change in the standard median income, next year, households of four with a monthly income of 1,620,289 KRW or less will be eligible to receive livelihood benefits.

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