Members of the ruling Democratic Party of Korea and officials form the government met Tuesday morning to discuss measures to support low-income people as part of the follow-up measure to the planned minimum wage increase next year.
During a policy coordination meeting, the two sides agreed to increase the basic pension for elderly people in the lowest 20% bracket to roughly 260 US Dollars by next year, two years earlier than originally planned.
Hong Young-pyo, floor leader of Democratic Party of Korea said labor groups as well as the opposition party agree to Earned Income Tax Credits.
This measure needs to be effectively implemented so that people can make up for their small income through tax returns.
Finance Minister Kim Dong-yeon said we will work to expand the social safety net of those in the low-income bracket, as well as carry out reforms so that innovation can be seen across the economy.
Source: Arirang News
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