Earned income of low-income families up for 1st time in seven quarters

SEOUL, Feb. 20 (Yonhap) -- The income of the low-income bracket rose 6.9 percent in the fourth quarter from a year earlier, data showed Thursday, due in part to the government's spending meant to support low-income families and create more jobs.

The monthly average income of the bottom 20 percent income bracket came to 1.32 million won (US$1,100) in the October-December period, according to the data compiled by Statistics Korea.

The statistics agency said household income earned through wages increased 6.5 percent on-year to 458,000 won, ending seven consecutive quarters of on-year decline beginning in the first quarter of 2018.

The hike came as the government has expanded the recipients of the earned income tax credit scheme, which calls for refunding taxes to low-income families, and the volume of its financial support.

"The government's job creation programs appear to be the biggest factor behind the hike of earned income of the bottom 20 percent income bracket," an official of Statistics Korea said.

entropy@yna.co.kr
(END)