74.4 Trillion Won Allocated for Vulnerable Groups Support Next Year... Choo Kyung-ho: "Protecting the Socially Disadvantaged is a National Duty"

Emergency Economic Ministers' Meeting

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is speaking at an emergency economic ministers' meeting held on the morning of the 8th at the Government Complex Sejong in Sejong City, connected via video with the Seoul office. 2022.9.8 Photo by Yonhap News

[Asia Economy Sejong=Reporter Son Seon-hee] The government will invest a total budget of 74.4 trillion won next year to support vulnerable groups facing difficulties due to high inflation and economic downturn. This is a 13.2% increase compared to this year, more than double the overall total expenditure growth rate of 5.2%.

On the 8th, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho chaired an emergency economic ministers' meeting at the Government Complex Sejong and announced four key tasks focused on ‘low-income groups, persons with disabilities, vulnerable youth, and the elderly, children, and adolescents,’ stating, "We will resolve inconveniences in daily life for socially disadvantaged people and ensure they receive sufficient care."

First, to eliminate welfare blind spots, the government decided to relax the asset criteria for selecting recipients of livelihood and medical benefits. While raising the basic deduction amount, the housing asset limit was significantly increased from a maximum of 120 million won to 172 million won (Seoul standard) to prevent disqualification due to recent increases in publicly announced property prices. In regions excluding the metropolitan area, major cities, and Sejong City, the housing asset limit doubled from 52 million won to 112 million won. As a result, about 48,000 households are expected to avoid disqualification. Additionally, the median income, which serves as the standard for various welfare policies, was raised by a record high of 5.47%, and the maximum monthly livelihood benefit was increased from 1.54 million won to 1.62 million won (based on a four-person household).

To alleviate the caregiving burden on families of persons with developmental disabilities, a 24-hour emergency care support project was newly established, and operating expenses for disability call taxis will be supported by the national treasury for the first time. The introduction of low-floor buses will also be expanded to guarantee mobility rights. Furthermore, a new Youth Leap Account will be introduced for 3.06 million young people to help them save lump sums, and up to 3 million won will be provided as a leap preparation fund to youth who have given up job searching.

The government separately announced support measures for vulnerable groups due to recent tragic incidents caused by institutional blind spots, such as the death of a family of three living in a semi-basement during heavy rains and eight families of persons with developmental disabilities consecutively making extreme choices this year. Deputy Prime Minister Choo said, "Protecting socially disadvantaged people is the responsibility of the state," and added, "The government will consistently pursue this welfare policy direction and investment approach going forward."

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