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

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

Mar 29, 2020

Seoul (South Korea) Mar29: 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.
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.
Source: Yonhap