Request for "Minimum Median Income Increase Rate of 5.47% or More... Livelihood Benefit Standards Also Up"

Scheduled to be announced on August 1 after approval by the Central Living Security Committee on the 28th

The People Power Party has requested the government to raise next year's standard median income growth rate to a level higher than this year's (5.47%). The ruling party and government have also agreed to gradually increase the livelihood benefit eligibility criteria, which had been frozen for the past seven years, starting next year.

On the afternoon of the 26th, Park Dae-chul, the Policy Committee Chair of the People Power Party, stated at a briefing for the '2024 Welfare Project Standards Setting Party-Government Council' held at the National Assembly, "The party has actively requested that these two standards be raised to minimize blind spots among vulnerable groups and to significantly expand the guarantee of minimum living standards."

[Image source=Yonhap News]

First, the ruling party requested that the standard median income growth rate be strengthened to at least the highest level ever recorded, which was this year's growth rate. This year's standard median income growth rate was 5.27% compared to last year, increasing the amount for a four-person household from 5.12 million KRW last year to 5.40 million KRW this year, a rise of 280,000 KRW.

The party and government also agreed to gradually raise the livelihood benefit eligibility criteria, which had been maintained at about 30% of the standard median income for the past seven years, starting next year. Chair Park explained, "Starting with raising the livelihood benefit eligibility criteria for the first time in eight years, the party and government share the intention to achieve the goal of 35% of the standard median income, which is a national agenda target within the current administration's term."

Next year's standard median income and livelihood benefit criteria are scheduled to be reviewed and approved by the Central Livelihood Security Committee on the 28th and announced by August 1. At the joint party-government remarks on the same day, Cho Kyu-hong, Minister of Health and Welfare, said, "Despite worsening conditions such as a significant decrease in tax revenue, the government plans to actively discuss the proposal for next year's increase at the policy meeting scheduled for this Friday, considering the importance of welfare for the vulnerable."

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