A Four-Person Family in the Bottom 45% Income Bracket with Two Children Expected to Receive 1.88 Million KRW + α Benefits

Emergency Disaster Relief Fund 1 Million Won with Care Coupons 800,000 Won + Health Insurance Premium Reduction 88,000 Won
Support for Damaged Stores 1 to 3 Million Won for Small Business Owners
Eligible for VAT Reduction and Job Stability Fund Payments

[Sejong=Asia Economy Reporter Kim Hyunjung] On the 30th, according to the government's plan to introduce emergency disaster relief funds in response to the novel coronavirus infection (COVID-19), a four-person household with two children in the bottom 45% income bracket is estimated to receive a total of at least 1,888,000 KRW. This amount includes the emergency disaster relief fund, health insurance premium reductions, and care coupons. Additional support will be provided to small business owners affected by business losses or households with even lower income levels.

First, according to government policy, households within the bottom 70% income bracket will receive up to 1,000,000 KRW for a family of four. Single-person households will receive 400,000 KRW, two-person households 600,000 KRW, and three-person households 800,000 KRW, with amounts varying according to the number of household members.

For the example of a four-person household with two children, they can receive two special care coupons worth 400,000 KRW each, totaling 800,000 KRW, which are provided to households with income between 50% of the median income and the bottom 70%. Adding a 30% reduction in health insurance premiums (88,000 KRW) results in a minimum support amount of 1,888,000 KRW.

Small business owners can additionally receive support for affected stores, VAT reductions, and job stability funds. Support for affected stores ranges from 1,000,000 to 3,000,000 KRW, VAT reductions from 120,000 to 610,000 KRW, and job stability funds average 1,120,000 KRW.

For a four-person household belonging to the middle 40% to 50% income bracket, which includes recipients of housing and education benefits and legally designated near-poor households, a total of 2,974,000 KRW can be provided, including the emergency disaster relief fund, previously announced disaster relief funds (consumption coupons) of 1,080,000 KRW, and health insurance premium reductions of 94,000 KRW. For recipients of livelihood and medical benefits in the bottom 40% income bracket, the consumption coupon support increases to about 1,400,000 KRW, allowing for a maximum support of 3,200,000 KRW.

Additionally, local governments with financial capacity may provide separate additional support to small business owners or vulnerable groups depending on circumstances, which could increase the total amount received.

However, the government has not yet presented specific monthly combined income thresholds per household eligible to receive the emergency disaster relief fund. They plan to provide related figures after establishing precise criteria and conducting internal reviews.