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Video Description

Type: KIHASA LOOK IT Series Shorts

Topic: Gaps in Basic Living Security Benefits

Guest Speaker: Lee Won-jin, Head of the Center for Research on Basic Social Protection, KIHASA

Transcript

To be eligible for basic living security benefits, your countable income must be less than certain limits. By 2022 standards, for example, a one-person household is entitled to benefits if its countable income is less than 580,000 won a month. Countable income here refers to the sum of income and properties calculated into income. According to this rule, even if you hardly have any income, you might be deemed ineligible for benefits or eligible for only partial benefits if you had a home or owned some properties.

So these days there has been a growing interest in this benefit gap due to the property-related requirement, which will be relaxed a little right next year. Previously in Seoul, properties worth up to 69 million won were exempt from being counted toward income. Starting next year, this limit will be increased to 99 million won, with the property requirement loosening slightly.