Seoul-Type Basic Security System 'Livelihood Benefit' Raised to Record High

Starting this year, the Seoul-type Basic Livelihood Security System's livelihood benefits for single-person households will increase by 14.4%, the largest increase ever, and the ‘Youth Single-Parent Deduction’ for those under 24 will be newly implemented. In addition, along with the relaxation of income criteria for beneficiaries, one vehicle used for livelihood purposes can be excluded from property value assessment.

On the 18th, the Seoul Metropolitan Government announced the revised ‘Seoul-type Basic Livelihood Security System Standards’ for 2024, stating that it will continue to establish a more comprehensive welfare safety net this year. The revised measures will be applied immediately from this month.

In line with the city administration’s core philosophy of ‘walking with the vulnerable,’ the city relaxed the eligibility criteria early last year and has prepared even more relaxed standards this year. Last year, 1,816 households and a total of 2,495 citizens who were in the blind spots of poverty were newly identified and supported.

First, this year, the Seoul-type Basic Livelihood Security System’s ‘livelihood benefits’ will increase by 14.4% for single-person households (up to 356,551 KRW per month, an increase of 44,800 KRW) and by 13.7% for two-person households (up to 589,218 KRW per month, an increase of 70,700 KRW). The ‘eligibility criteria’ for the Seoul-type Basic Livelihood Security System will also be relaxed from 47% to 48% of the median income. Therefore, single-person households with an income of 1,069,654 KRW (an increase of 22,285 KRW) or less can be guaranteed as beneficiaries of the Seoul-type Basic Livelihood Security System.

Furthermore, during income investigations for beneficiary selection, to increase work incentives among young people and encourage their exit from the system in the mid to long term, the income deduction previously applied only up to age 24 will be expanded to age 29, and youth single parents under 24 will newly have their earned and business income deducted.

The ‘vehicle property criteria’ will also be relaxed. One vehicle used for livelihood purposes will be excluded from property value assessment, and for multi-person (6 or more) and multi-child (3 or more children) beneficiary households, vehicles under 2,500cc that are over 10 years old or valued under 5 million KRW will be subject to the general property conversion rate (4.17%).

The ‘Seoul-type Basic Livelihood Security System’ allows year-round applications at local community service centers along with customized livelihood and housing benefit applications, and beneficiaries are determined through income and property investigations conducted by each autonomous district.

Jung Sang-hoon, Director of the Seoul Welfare Policy Office, said, “We expect that through the expansion of the ‘Seoul-type Basic Livelihood Security System’ this year, we will be able to find and support even one more vulnerable household in the welfare blind spots.” He added, “As society changes, we will continue to discover new types of vulnerable groups and strive to create a stronger and more comprehensive social safety net.”