Earned income support by the South Korean government for low wage workers is estimated at five trillion won next year. As the government has extpanded the range of benefits, it is to grow to be 3.6 times this year’s figure.
The Ministry of Economy and Finance submitted Sunday next year’s tax spending plan to the National Assembly. According to the plan, next year’s earned income support is to increase by 3.55 trillion won to 4.90 trillion won.
The increase in earned income support is mainly due to the raised number of recipients – by 1.68 million households to 3.34 million – with a revision to next year’s earned income tax credit. The maximum amount has also increased from 850,000-2,500,000 won by type of household to 1.5 million-3 million won.
Those eligible for earned income support are single households with an annual income of less than 20 million won, single-income households with less than 30 million won and double-income families with less than 36 million won.
Jun-Il Kim firstname.lastname@example.org