S. Korea's COVID-19 relief payments to target lower 70% income bracket
- 4 years ago
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The South Korean government has unveiled the specifics of its COVID-19 emergency relief funds meant to help households get through this difficult time.
In an one-off stimulus, South Korea will provide roughly 814 U.S. dollars to four-person households in the bottom 70-percent income bracket.
The amount of health insurance premium you paid as a household in March will be used as a standard in deciding the eligibility. 193 dollars is the golden figure for a household of four.
Kim Dami explains.
The government will determine who is eligible for emergency support funds by looking at how much households paid last month for their state health insurance.
"Health insurance fees paid in March 2020 will be the main criteria for assessing how much support people in the lowest 70 percent income bracket will be eligible to receive."
The specific standards are a one-person household paying less than around 72 U.S. dollars, two people less than 122 dollars, three people less than 159 dollars and four people less than around 193 dollars. For instance, a couple who are both employed and have two children pay about a hundred dollars a month. They are eligible.
For a family of four or more, the one-time payment will be around 8-hundred-15 dollars. It'll come in the form of gift certificates and prepaid cards to be used at designated vendors.
People listed as dependents of the health insurance subscriber will count as one household even if they have different addresses.
If you work for a company, the amount you paid for your health insurance can be found on your monthly pay slip. If you're signed up on your own, without an employer contribution, the amount is on the regular bill you should've received last month in the mail.
You can also check online at National Health Insurance Service website.
For small business owners, whose income may have dropped significantly because of the outbreak, eligibility will be determined based on their income at the time they apply.
Government support will not be available, however, to people with large assets, even if their income is in the lower 70 percent. Details on that are to be announced soon.
The application date has not been decided yet but the government says it will prepare the supplementary budget for the National Assembly's approval as soon as possible.
Kim Dami, Arirang News.
The South Korean government has unveiled the specifics of its COVID-19 emergency relief funds meant to help households get through this difficult time.
In an one-off stimulus, South Korea will provide roughly 814 U.S. dollars to four-person households in the bottom 70-percent income bracket.
The amount of health insurance premium you paid as a household in March will be used as a standard in deciding the eligibility. 193 dollars is the golden figure for a household of four.
Kim Dami explains.
The government will determine who is eligible for emergency support funds by looking at how much households paid last month for their state health insurance.
"Health insurance fees paid in March 2020 will be the main criteria for assessing how much support people in the lowest 70 percent income bracket will be eligible to receive."
The specific standards are a one-person household paying less than around 72 U.S. dollars, two people less than 122 dollars, three people less than 159 dollars and four people less than around 193 dollars. For instance, a couple who are both employed and have two children pay about a hundred dollars a month. They are eligible.
For a family of four or more, the one-time payment will be around 8-hundred-15 dollars. It'll come in the form of gift certificates and prepaid cards to be used at designated vendors.
People listed as dependents of the health insurance subscriber will count as one household even if they have different addresses.
If you work for a company, the amount you paid for your health insurance can be found on your monthly pay slip. If you're signed up on your own, without an employer contribution, the amount is on the regular bill you should've received last month in the mail.
You can also check online at National Health Insurance Service website.
For small business owners, whose income may have dropped significantly because of the outbreak, eligibility will be determined based on their income at the time they apply.
Government support will not be available, however, to people with large assets, even if their income is in the lower 70 percent. Details on that are to be announced soon.
The application date has not been decided yet but the government says it will prepare the supplementary budget for the National Assembly's approval as soon as possible.
Kim Dami, Arirang News.