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New economic policies set to come into effect at start of 2021

Arirang News
Arirang News
취약계층 구직촉진수당 지급, 최저임금 8720원...2021년 달라지는 것들

Several new economic measures will come into effect at the start of January.
These include monetary support for job seekers and an increase in the minimum wage.
Kim Jae-hee has the details.

A series of new policies aimed at boosting the local economy will come into effect at the start of 2021.
From January 1st, the government will provide employment support subsidies for those struggling to get a job.
Job seekers in low income brackets, young adults searching for jobs and women on career breaks will be able to apply for the scheme, and those who qualify will receive around 460 U.S. dollars a month for up to six months.
Also from 2021, the minimum wage will rise to 8-thousand-720 Korean won, or just over 8 U.S. dollars per hour.
This is up 1-point-5 percent compared to 2020, marking the smallest on-year increase since the minimum wage system was introduced in 1988.
Support for the elderly will increase, with more qualifying for a basic pension.
In 2020, a one person elderly household with a monthly income of less than 1-thousand-360 dollars could receive the pension. But from January, this threshold will be increased to around 1-thousand-550 dollars a month.
The government will also strengthen measures to bring down property prices.
Starting 2021, multiple homeowners, who own three or more houses, or two or more in real estate hot zones, will be subject to a higher comprehensive real estate tax rate ranging from 1-point-2 percent to 6 percent.
This is up from the point-6 percent to 3-point-2 percent range in 2020.
The tax rate for single homeowners will also increase slightly.
And aiming to foster financial investment, tax rate for stock market transactions will be cut in 2021.
Tax levied on stocks on the benchmark KOSPI will be lowered to point-zero-8 percent.
The lowered tax rate will be in place through 2022, then the tax will be eliminated entirely in 2023.
Stocks on the secondary tech-heavy KOSDAQ will be traded at a tax rate of point-23 percent through 2022,... before being further lowered to point-15 starting 2023.
Also in 2021, mobile certificates issued through smartphones, will be expanded from the current 13 types to 100 types,... to include income certificates and disability certificates.
Kim Jae-hee, Arirang News.

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