S. Korea gov’t mulling financial support for 10 million households in wake of COVID-19 pandemic

Yonhap via The Korea Herald/Asia News Network

SEOUL — South Korea said Sunday it is considering providing financial support to 10 million lower-income households as part of emergency measures in the wake of the coronavirus outbreak.

Under the plan, a four-member household whose income is below the median income can receive a one-time lump sum of up to 1 million won ($820), according to the Ministry of Finance and Economy.

The proposed measure worth up to 6 trillion won is set to be discussed in this week’s emergency economic council meeting to be presided over by President Moon Jae-in.

The median income stood at 3.75 million won for a four-person household, 2.99 million won for a two-person household and 5.63 million won for a five-person household.

Households with fewer than four members can receive less than 1 million won, while households of more than four members are set to receive more than 1 million won.

Households whose income is below the median income account for about half of South Korea’s total households.

In South Korea, COVID-19 has killed 144 people, mostly elderly patients with underlying illnesses, and infected 9,478 others. Yonhap