Ulsan City Eases Asset Criteria for Basic Livelihood Security This Year

"Increase in Basic Property Deduction Amount for Beneficiary Selection Criteria"

Ulsan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Ulsan City will relax the basic property deduction amount and other asset criteria used as the selection standards for basic livelihood security recipients this year, applying the changes from the new year.

Under the Basic Livelihood Security System, a household is selected as a recipient if the recognized income amount of the household is below a certain percentage of the median income standard (as of 2023: 30% for livelihood benefits, 40% for medical benefits, 47% for housing benefits, and 50% for education benefits).

The median income standard for a four-person household in 2023 is 5.4 million KRW per month, with 30% being 1.62 million KRW, 40% being 2.16 million KRW, 47% being 2.54 million KRW, and 50% being 2.7 million KRW.

Additionally, the basic property deduction amount is the amount excluded from the asset value when calculating the recognized income amount, as it is deemed necessary for maintaining basic living and housing conditions, and it is determined and announced by the Minister of Health and Welfare.

The changes this year include: △ the basic property deduction amount will be uniformly raised to 77 million KRW from 69 million KRW for livelihood, housing, and education benefits, and 54 million KRW for medical benefits; △ the special asset range amount will be uniformly increased to 120 million KRW from 100 million KRW for livelihood, housing, and education benefits, and 85 million KRW for medical benefits; △ the housing asset limit will be uniformly raised to 146 million KRW from 120 million KRW for livelihood, housing, and education benefits, and 100 million KRW for medical benefits.

Ulsan City expects that with the increase in the basic property deduction amount and other criteria, the recognized income amount of households will decrease, thereby easing the selection standards for basic livelihood security recipients.

Kim Yeon-ok, Director of the Welfare and Women’s Bureau, explained, “By reflecting the rise in housing property prices and adjusting the basic property deduction amount and asset criteria to be more realistic, this will help prevent households from losing recipient status solely due to an increase in asset value.”

Customized benefit consultations and applications for the Basic Livelihood Security System are available at the administrative welfare centers in the resident’s town, township, or neighborhood, and related inquiries can be made to the Health and Welfare Counseling Center.