Average Earned Income Tax Credit of 440,000 Won per Household... National Tax Service to Distribute 3 Weeks Early

Payment of Earned Income Tax Credit for First Half of 2022 on December 13
1.15 Million Households, 502.1 Billion KRW... 6.9 Billion KRW Increase from Last Year

[Asia Economy Sejong=Reporter Kim Hyewon] The National Tax Service announced on the 13th that it has advanced the lump-sum payment of the first half Earned Income Tax Credit (EITC) to 11.5 million households by about three weeks, totaling 502.1 billion KRW. This is an increase of 30,000 households and 6.9 billion KRW compared to last year. The average payment per household is 440,000 KRW.

By household type, single-person households accounted for the largest share with 710,000 households (61.7%). Single-earner households were 400,000 (34.8%), and dual-earner households were 40,000 (3.5%). In terms of amount, single-person households received 265.1 billion KRW (52.8%), single-earner households 215.4 billion KRW (42.9%), and dual-earner households 21.6 billion KRW (4.3%).

By employment type, daily wage worker households numbered 630,000 (54.8%), while regular wage worker households were 520,000 (45.2%), with daily wage worker households exceeding regular wage worker households by 110,000. In terms of amount, daily wage worker households received 267.1 billion KRW (53.2%), and regular wage worker households 235 billion KRW (46.8%).

By age group, households with members aged 60 and over accounted for the largest share at 510,000 households (44.4%). Households with members aged 20 and under were 260,000 (22.6%), making the combined total of these two groups 67.0%. In terms of amount, the order was 60 and over (223.6 billion KRW), 20 and under (99.5 billion KRW), 50s (82.5 billion KRW), 40s (59.1 billion KRW), and 30s (37.4 billion KRW).

By payment amount scale, households receiving between 300,000 KRW and less than 500,000 KRW (430,000 households, 37.4%) accounted for the largest share, followed by those receiving less than 300,000 KRW (330,000 households, 28.7%), and those receiving between 500,000 KRW and less than 700,000 KRW (260,000 households, 22.6%).

Households that applied for deposit accounts will have the money transferred to their accounts by the end of the day. Those who applied for cash receipt can collect it at the post office by bringing the 'National Tax Refund Notice' sent by mail from the National Tax Service and their personal ID.

Among the 1.27 million households subject to review, 100,000 households did not meet the income or asset requirements and will not receive the Earned Income Tax Credit this time. The results will be notified again after the semi-annual settlement review in June next year.

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