The South Korean government said Friday that it will raise the minimum cost of living for a four-member household by 2.3 percent to 1.67 million won (US$1,644) per month next year in a bid to increase support for low-income earners.
The decision was made at a committee meeting of the Ministry of Health and Welfare. The amount serves as the legal basis for determining the beneficiaries of welfare programs and benefit levels, South Korean News Agency (Yonhap) reported.
The changed standard for minimum living cost will go into effect on Jan. 1.
The adjustment rate, however, marked the lowest since 2000.
The government said that the relatively low growth in minimum living cost for next year reflected slower inflation, which increased 1.3 percent last year compared with the previous year's 2.2 percent.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.