Govt. mulling financial support for 10m households in wake of coronavirus

Govt. mulling financial support for 10m households in wake of coronavirus
(Yonhap)
(Yonhap)
Published 29 March 2020

SEOUL (The Korea Herald/ANN)-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 ($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. (Yonhap)