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Gov't mulling financial support for 10 mln households in wake of coronavirus

All News 10:09 March 29, 2020

SEOUL, March 29 (Yonhap) -- 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 (US$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.

President Moon Jae-in speaks in the second session of the emergency economic council meeting at the presidential office of Cheong Wa Dae on March 24, 2020. (Yonhap)

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.

entropy@yna.co.kr
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