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Minister: Gov't Reviewing Easing Relief Payout Standards for Dual-Income Families

Written: 2021-07-12 12:05:39Updated: 2021-07-12 14:22:57

Minister: Gov't Reviewing Easing Relief Payout Standards for Dual-Income Families

Photo : YONHAP News

The government is looking to give more consideration to dual-income households when calculating a new round of COVID-19 relief payouts.

Finance Minister Hong Nam-ki said Saturday on the sidelines of a Group of 20(G20) finance ministers meeting in Venice, Italy, that a review is under way as dual-income families tend to face more financial burdens than single-income families.

The minister said he ordered officials to look over the existing earned income tax credit(EITC) system, which applies eased income standards on dual-income households.

Single-income households with annual income of less than 30 million won and dual-income households with less than 36 million won are eligible for the EITC payments, which aim to support low-income families.

According to Statistics Korea, dual-income families earned on average one-point-seven million won more than single-income families in the first quarter. Dual-income households also spent around one million won more in expenditures.

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