2.8 trillion won child incentives paid one month earlier

National Tax Service announced

On the 25th, the National Tax Service announced on the 26th that it would pay a total of 2.8604 trillion won to 2.91 million households in terms of work and child subsidies attributable to 2021.

Only wage and salary income earners can receive the first and second half of the semi-annual payment, while regular payments that calculate the entire devolving year at once are available to wage and salary income earners, business income earners, and religious income earners. Among wage and salary earners, those who received incentives for the first and second half of the year are excluded from the regular subsidy.

If the applicant has previously reported the account to be paid, the incentive will be deposited into the account on the 26th. If you have not reported your account, you can collect it in cash by visiting the post office with your national tax refund notice and ID.

The child subsidy under the age of 18

The child subsidy is a system that provides up to 700,000 won per child if the couple’s combined annual income is less than 40 million won and they have dependent children under the age of 18.

The package prepared by the Presidential Committee on Aging Society and Population Policy is part of South Korea’s government initiatives to boost the low birthrate that has plagued Asia’s fourth-largest economy for more than a decade.

Also, the government will dole out a 2 million-won ($1,827) cash bonus to expectant parents to help cover their prenatal expenses starting in 2022, according to the agency.

Work Incentives and Child Incentives

The government also plans to increase the current 600,000-won ($550) congratulatory allowance for each pregnant woman to 1 million won ($916), while also including extra perks for working parents.

Under the new package, couples with a child less than 12 months old can each receive up to 3 million won ($2,741) in monthly salary when both take a 3-month leave from work.

The government will also provide university tuition fees to families in the low-income bracket with more than three children.

If you have not reported your account yet, you can receive it in cash by visiting the post office with your national tax refund notice and ID. The National Tax Service has reviewed the requirements of applicants for the regular subsidy and has sent a notice of decision by mobile or mail. If you have not applied for last year’s subsidy by May, you can apply through Hometax or Sontax by November 30, the National Tax Service said.

The amount of subsidies for labor and children for last year, including the regular portion paid on the 26th, and incentives for the first half and the second half, totaled 4.89 million households, totaling 4.88 trillion won

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