Early payment of work and child incentives today… 1.06 million won per household

3.1705 trillion won paid to 2.99 million households

(Sejong = Yonhap News) Reporter Min Kyung-rak = The National Tax Service announced on the 29th that it will pay out the regular portion of last year’s earned income and child incentives. This is about a month earlier than the statutory deadline of September 30th.

The number of households eligible for payment has increased by 380,000 from last year to 2.99 million households. The payment amount has increased by 343.1 billion won to 3.1705 trillion won, or an average of 1.06 million won per household.

The National Tax Service explained that the income criteria for receiving the child allowance this year have been relaxed and the amount paid has increased, expanding the number of recipients.

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Households that met the requirements for the last year’s work and child incentive but have not yet applied can apply after the deadline through the automatic response system (☎1544-9944) or Hometax by December 2.

To apply for the earned income tax credit, a couple’s combined income last year must be less than 22 million won for a single-income household, less than 32 million won for a single-income household, and less than 38 million won for a dual-income household. The total assets of all household members must be less than 240 million won.

The child allowance is for single-income or dual-income households with children under the age of 18 and a combined income of less than 70 million won. The asset criteria are the same as the earned income allowance.

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2024/08/29 12:00 Submitted