[2024 Budget Plan] Standard Median Income Increase Rate 6.09%... Highest Ever

The government has raised next year's standard median income, which serves as the selection criterion for livelihood benefits, to the highest level ever to strengthen welfare for the vulnerable.

Cho Kyu-hong, Minister of Health and Welfare

The Ministry of Health and Welfare announced that the next year's budget plan for the Ministry of Health and Welfare, which includes this content, was approved at the Cabinet meeting on the morning of the 29th. Accordingly, next year's standard median income (for a four-person household) was increased by 6.09% to 5.73 million KRW. The standard median income is used as the criterion for selecting beneficiaries in various welfare policies, including the Basic Livelihood Security Program. Next year's livelihood benefit amount is also the highest ever. For a four-person household, it is 1.834 million KRW, which is a 13.16% increase compared to this year (1.62 million KRW).

The selection criterion for livelihood benefits next year has been raised to 32%, marking the first increase in seven years. A Ministry of Health and Welfare official explained, "This is the first increase since 2017 (30%), allowing more households to receive Basic Livelihood Security benefits."

Welfare for persons with disabilities will also be strengthened. The Ministry of Health and Welfare plans to improve the medical benefit support obligor system by exempting the support obligor criteria and expanding the basic property deduction amount only for households with severely disabled persons. Through this, about 50,000 severely disabled households are expected to receive additional support. Also, 2,000 more jobs will be created for disabled persons vulnerable to employment, and the disability pension for severely disabled persons aged 18 and over will be increased from 323,000 KRW to 334,000 KRW per month.

The goal is to increase new senior jobs to a record high of 1 million. Senior job allowances will be raised by 20,000 to 40,000 KRW per month for the first time in six years, and the basic pension will also be increased from 323,000 KRW to 334,000 KRW per month.

For vulnerable youth, customized integrated services will be provided from discovery to case management. For youth who provide family care, self-care expenses will be supported at about 2 million KRW annually, and for isolated and reclusive youth, dedicated agencies and personnel will identify and categorize targets to provide personalized case management. Support projects for high-risk groups such as single-person households at risk of lonely death will be expanded nationwide. The support period for daily care services such as care for middle-aged and elderly people in need of care, housekeeping, and accompaniment support will be extended from 6 months to 12 months.

Additionally, the government will support low-income groups in exiting welfare dependency. First, for households receiving basic livelihood benefits, the age and income requirements for joining the Didim Seed Account will be relaxed so they can prepare for independence from the birth of a child, and the independence allowance will be increased from 400,000 KRW to 500,000 KRW per month. The number of participants in self-support work will be expanded, and the special exemption for earned income deduction for livelihood benefits, currently for youth under 24, will be extended to those up to 29 years old.

The Ministry of Health and Welfare stated that to realize welfare for the vulnerable, next year's total expenditure has been budgeted at 122.4538 trillion KRW, a 12.2% increase compared to this year's 109.183 trillion KRW.

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