Seoul to spend 8.6 tln won in expanding social safety net
SEOUL, Sept. 26 (Yonhap)
The government has decided to spend a total of 8.6 trillion won (US$8.3 billion) over the next four years to strengthen the country's social safety net, officials said Monday.
The decision was made at a government-ruling party meeting earlier in the day, where the sides also resolved to ease requirements that make citizens eligible for state subsidies.
To that end, the government will raise the poverty line to add 120,000 more to the list of recipients of government aid. Currently, 1.49 million people on the list.In an effort to reduce the income gap between the rich and poor, the Earned Income Tax Credit (EITC) system, a refundable tax credit for low-income workers outside the social safety net, will be introduced in 2007.
The EITC system is designed to help people in the low-income groups with subsidies and tax benefits .
The government also decided to expand medical subsidies. Originally given to households with incomes below the minimum living cost of 1.13 million won a month, households in the bracket above will also be included by 2009.
To cope with the problems of a rapidly aging society, the government will introduce nurses to low-income families who support their elderly with serious diseases like Alzheimer's in July 2008.As many as 110 more sanitariums will also be constructed by that deadline to help the elderly.
The government has decided to spend a total of 8.6 trillion won (US$8.3 billion) over the next four years to strengthen the country's social safety net, officials said Monday.
The decision was made at a government-ruling party meeting earlier in the day, where the sides also resolved to ease requirements that make citizens eligible for state subsidies.
To that end, the government will raise the poverty line to add 120,000 more to the list of recipients of government aid. Currently, 1.49 million people on the list.In an effort to reduce the income gap between the rich and poor, the Earned Income Tax Credit (EITC) system, a refundable tax credit for low-income workers outside the social safety net, will be introduced in 2007.
The EITC system is designed to help people in the low-income groups with subsidies and tax benefits .
The government also decided to expand medical subsidies. Originally given to households with incomes below the minimum living cost of 1.13 million won a month, households in the bracket above will also be included by 2009.
To cope with the problems of a rapidly aging society, the government will introduce nurses to low-income families who support their elderly with serious diseases like Alzheimer's in July 2008.As many as 110 more sanitariums will also be constructed by that deadline to help the elderly.
posted by Joa at
Monday, September 26, 2005
